Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2018shares | |
Document And Entity Information [Abstract] | |
Entity Registrant Name | Brookfield Business Partners L.P. |
Entity Central Index Key | 0001654795 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2018 |
Document Fiscal Year Focus | 2018 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Entity Common Stock, Shares Outstanding | 66,185,798 |
Entity Well-known Seasoned Issuer | No |
Entity Current Reporting Status | Yes |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets | ||
Cash and cash equivalents | $ 1,949 | $ 1,106 |
Financial assets | 886 | 361 |
Accounts and other receivable, net | 4,307 | 3,454 |
Inventory, net | 1,562 | 1,068 |
Assets held for sale | 63 | 14 |
Other assets | 1,014 | 430 |
Current assets | 9,781 | 6,433 |
Financial assets | 483 | 423 |
Accounts and other receivable, net | 853 | 908 |
Other assets | 499 | 79 |
Property, plant and equipment | 6,947 | 2,530 |
Deferred income tax assets | 280 | 174 |
Intangible assets | 5,523 | 3,094 |
Equity accounted investments | 541 | 609 |
Goodwill | 2,411 | 1,554 |
Total assets | 27,318 | 15,804 |
Current liabilities | ||
Accounts payable and other | 7,188 | 4,865 |
Liabilities associated with assets held for sale | 9 | 0 |
Corporate borrowings | 0 | 0 |
Non-recourse subsidiary borrowings | 1,819 | 825 |
Current liabilities | 9,016 | 5,690 |
Accounts payable and other | 1,894 | 773 |
Non-recourse subsidiary borrowings | 9,047 | 2,440 |
Deferred income tax liabilities | 867 | 837 |
Total liabilities | 20,824 | 9,740 |
Equity | ||
Limited partners | 1,548 | 1,585 |
Non-controlling interests attributable to: | ||
Redemption-Exchange Units, Preferred Shares and Special Limited Partnership Units held by Brookfield Asset Management Inc. | 1,415 | 1,453 |
Interest of others in operating subsidiaries | 3,531 | 3,026 |
Total equity | 6,494 | 6,064 |
Total liabilities and equity | $ 27,318 | $ 15,804 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATING RESULTS - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Profit or loss [abstract] | ||||
Revenues | $ 37,168 | $ 22,823 | $ 7,960 | |
Direct operating costs | (34,134) | (21,876) | (7,386) | |
General and administrative expenses | (643) | (340) | (269) | |
Depreciation and amortization expense | (748) | (371) | (286) | |
Interest income (expense), net | (498) | (202) | (90) | |
Equity accounted income, net | 10 | 69 | 68 | |
Impairment expense, net | (218) | (39) | (261) | |
Gain on acquisitions/dispositions, net | 500 | 267 | 57 | |
Other income (expense), net | (136) | (108) | (11) | |
Income (loss) before income tax | 1,301 | 223 | (218) | |
Income tax (expense) recovery | ||||
Current | (186) | (30) | (25) | |
Deferred | 88 | 22 | 41 | |
Net income (loss) | 1,203 | 215 | (202) | |
Attributable to: | ||||
Limited partners | [1] | 74 | (58) | 3 |
Brookfield Asset Management Inc. | [2] | 0 | 0 | (35) |
Non-controlling interests attributable to: | ||||
Redemption-Exchange Units held by Brookfield Asset Management Inc. | [1] | 70 | (60) | 3 |
Special Limited Partners | 278 | 142 | 0 | |
Interest of others in operating subsidiaries | 781 | 191 | (173) | |
Net income (loss) | $ 1,203 | $ 215 | $ (202) | |
Basic and diluted earnings per limited partner unit (in usd per share) | $ 1.11 | $ (1.04) | $ 0.06 | |
[1] | For the periods subsequent to June 20, 2016. | |||
[2] | For the periods prior to June 20, 2016. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Statement of comprehensive income [abstract] | ||||
Net income (loss) | $ 1,203 | $ 215 | $ (202) | |
Items that may be reclassified subsequently to profit or loss: | ||||
Foreign currency translation | (422) | 127 | 37 | |
Available-for-sale securities (1) | [1] | 0 | 8 | 166 |
Net investment and cash flow hedges | 72 | (25) | (3) | |
Equity accounted investment | (1) | (5) | (79) | |
Taxes on the above items | (8) | (1) | 6 | |
Other comprehensive income that will be reclassified to profit or loss, net of tax | (359) | 104 | 127 | |
Items that will not be reclassified subsequently to profit or loss: | ||||
Revaluation of pension obligations | (70) | 5 | 6 | |
Fair value through OCI (2) | [2] | 35 | 0 | 0 |
Taxes on the above items | 6 | 0 | 0 | |
Total other comprehensive income (loss) | (388) | 109 | 133 | |
Comprehensive income (loss) | 815 | 324 | (69) | |
Attributable to: | ||||
Limited partners | [3] | 1 | (29) | (5) |
Brookfield Asset Management Inc. | [4] | 0 | 0 | 15 |
Non-controlling interests attributable to: | ||||
Redemption-Exchange Units held by Brookfield Asset Management Inc. | [1] | 1 | (28) | (5) |
Special Limited Partners | 278 | 142 | 0 | |
Interest of others in operating subsidiaries | 535 | 239 | (74) | |
Comprehensive income (loss) | $ 815 | $ 324 | $ (69) | |
[1] | The partnership adopted IFRS 9 on January 1, 2018; please refer to Note 2(t) for additional information | |||
[2] | The partnership adopted IFRS 9 on January 1, 2018; please refer to Note 2(t) for additional information. | |||
[3] | For the periods subsequent to June 20, 2016. | |||
[4] | For the periods prior to June 20, 2016. |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions | Total | Brookfield Asset Management Inc. | Limited Partners | Redemption-Exchange Units held by Brookfield Asset Management Inc. | CapitalBrookfield Asset Management Inc. | CapitalLimited Partners | CapitalRedemption-Exchange Units held by Brookfield Asset Management Inc. | Retained EarningsLimited Partners | Retained EarningsRedemption-Exchange Units held by Brookfield Asset Management Inc. | Retained EarningsSpecial Limited Partners | Ownership ChangeLimited Partners | [1] | Ownership ChangeRedemption-Exchange Units held by Brookfield Asset Management Inc. | [1] | Accumulated other comprehensive income (loss)Brookfield Asset Management Inc. | Accumulated other comprehensive income (loss)Limited Partners | Accumulated other comprehensive income (loss)Redemption-Exchange Units held by Brookfield Asset Management Inc. | [2] | Capital | Interest of others in operating subsidiaries | |||||||||
Beginning balance at Dec. 31, 2015 | $ 3,084 | $ 1,787 | $ 0 | $ 0 | $ 2,147 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ (360) | [2] | $ 0 | [2] | $ 0 | $ 0 | $ 1,297 | ||||||||||
Net income (loss) | (202) | (35) | 3 | 3 | (35) | 3 | 3 | (173) | |||||||||||||||||||||
Other comprehensive income (loss) | 133 | 50 | (8) | (8) | 50 | [2] | (8) | [2] | (8) | 99 | |||||||||||||||||||
Comprehensive income (loss) | (69) | 15 | (5) | (5) | (35) | 3 | 3 | 50 | [2] | (8) | [2] | (8) | (74) | ||||||||||||||||
Contributions | 534 | 78 | 78 | 456 | |||||||||||||||||||||||||
Distributions | (70) | (18) | (6) | (6) | (18) | (6) | (6) | (40) | |||||||||||||||||||||
Acquisition of interest | 58 | 5 | 13 | (8) | [2] | 53 | |||||||||||||||||||||||
Ownership changes | (148) | [3] | 3 | [3] | 4 | [3] | 5 | [3] | 6 | [3] | (8) | (2) | [2],[3] | (2) | [3] | (155) | [3] | ||||||||||||
Unit issuance | [1] | 384 | 192 | 192 | 192 | 192 | |||||||||||||||||||||||
Reorganization | [4] | 265 | (1,867) | 1,022 | 1,095 | (2,185) | 1,153 | 1,282 | 318 | [2] | (131) | [2] | (187) | 15 | |||||||||||||||
Ending balance at Dec. 31, 2016 | 4,038 | 0 | 1,206 | 1,280 | 0 | 1,345 | 1,474 | 2 | 3 | 0 | 0 | 0 | 0 | [2] | (141) | [2] | (197) | 15 | 1,537 | ||||||||||
Net income (loss) | 215 | (58) | (60) | (58) | (60) | 142 | 191 | ||||||||||||||||||||||
Other comprehensive income (loss) | 109 | 29 | 32 | 29 | [2] | 32 | 48 | ||||||||||||||||||||||
Comprehensive income (loss) | 324 | (29) | (28) | (58) | (60) | 142 | 29 | [2] | 32 | 239 | |||||||||||||||||||
Contributions | 5 | 5 | |||||||||||||||||||||||||||
Distributions | [1] | (561) | (15) | (16) | (15) | (16) | (142) | (388) | |||||||||||||||||||||
Acquisition of interest | [5] | 1,639 | 1,639 | ||||||||||||||||||||||||||
Unit issuance | [1] | 621 | 421 | 200 | 421 | 200 | |||||||||||||||||||||||
Other | (2) | 2 | 2 | 2 | 2 | (6) | |||||||||||||||||||||||
Ending balance at Dec. 31, 2017 | 6,064 | 0 | 1,585 | 1,438 | 0 | 1,766 | 1,674 | (69) | (71) | 0 | 0 | 0 | 0 | [2] | (112) | [2] | (165) | 15 | 3,026 | ||||||||||
Net income (loss) | 1,203 | 74 | 70 | 74 | 70 | 278 | 781 | ||||||||||||||||||||||
Other comprehensive income (loss) | (388) | (73) | (69) | (73) | [2] | (69) | (246) | ||||||||||||||||||||||
Comprehensive income (loss) | 815 | 1 | 1 | 74 | 70 | 278 | (73) | (69) | 535 | ||||||||||||||||||||
Contributions | 85 | 85 | |||||||||||||||||||||||||||
Distributions | [1] | (2,680) | (16) | (16) | (16) | (16) | (278) | ||||||||||||||||||||||
Acquisition of interest | [5] | 705 | 705 | ||||||||||||||||||||||||||
Ownership changes | [6] | 1,780 | 111 | 105 | (93) | (89) | 205 | 195 | (1) | [2] | (1) | 1,564 | |||||||||||||||||
Ending balance at Dec. 31, 2018 | $ 6,494 | $ 0 | $ 1,548 | $ 1,400 | $ 0 | $ 1,766 | $ 1,674 | $ (237) | $ (234) | $ 0 | $ 205 | $ 195 | $ 0 | [2] | $ (186) | [2] | $ (235) | $ 15 | $ 3,531 | ||||||||||
[1] | See Note 19 for additional information on distributions as it relates to the Special Limited Partners and for additional information on the unit issuance. | ||||||||||||||||||||||||||||
[2] | See Note 20 for additional information. | ||||||||||||||||||||||||||||
[3] | See Note 14 for additional information on ownership changes as it relates to interest of others in operating subsidiaries | ||||||||||||||||||||||||||||
[4] | See Note 1(b) and 2(b) for details regarding the spin-off and reorganization. | ||||||||||||||||||||||||||||
[5] | See Note 3 Acquisition of Businesses for additional information. | ||||||||||||||||||||||||||||
[6] | Includes gains or losses on changes in ownership interests of consolidated subsidiaries. |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) $ in Millions | Jan. 01, 2018USD ($) | |
Equity | $ 5,789 | |
Opening balance adjustments | ||
Equity | (275) | [1] |
Opening balance adjustments | Subsidiaries | ||
Equity | $ 10 | [1] |
[1] | See Note 2 (ae) for additional information on adoption of new accounting standards. This balance also includes a change in accounting policy recorded at an operating subsidiary of $10 million, which did not have a significant impact on the partnership's operating results. |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Activities | |||
Net income (loss) | $ 1,203 | $ 215 | $ (202) |
Adjusted for the following items: | |||
Equity accounted income, net | 19 | (69) | (68) |
Impairment expense, net | 218 | 39 | 261 |
Depreciation and amortization expense | 748 | 371 | 286 |
Gain on acquisitions/dispositions, net | (500) | (267) | (57) |
Provisions and other items | 10 | 114 | 41 |
Deferred income tax expense (recovery) | (88) | (22) | (41) |
Changes in non-cash working capital, net | (269) | (451) | 9 |
Cash from operating activities | 1,341 | (70) | 229 |
Financing Activities | |||
Proceeds from non-recourse subsidiary borrowings | 6,860 | 1,694 | 474 |
Repayment of non-recourse subsidiary borrowings | (2,292) | (1,345) | (1,008) |
(Repayment) / Proceeds from other credit facilities, net | (48) | 360 | 0 |
Capital provided by limited partners and Redemption-Exchange Unitholders | 0 | 621 | 634 |
Capital provided by preferred shareholders | 0 | 0 | 15 |
Capital provided by others who have interests in operating subsidiaries | 1,395 | 897 | 456 |
Capital provided by Brookfield Asset Management Inc. | 0 | 0 | 78 |
Distributions to limited partners and Redemption-Exchange Unitholders | (32) | (31) | (12) |
Distributions to Special Limited Partners | (327) | (95) | 0 |
Distributions to others who have interests in operating subsidiaries | (1,995) | (388) | (40) |
Distributions to Brookfield Asset Management Inc. | 0 | 0 | (11) |
Cash from (used in) financing activities | 3,561 | 1,713 | 586 |
Acquisitions | |||
Subsidiaries, net of cash acquired | (3,422) | (1,668) | (63) |
Property, plant and equipment and intangible assets | (545) | (240) | (144) |
Equity accounted investments | (9) | (208) | 0 |
Financial assets | (465) | (290) | (447) |
Dispositions and distributions | |||
Subsidiaries, net of cash disposed | 0 | 383 | 0 |
Property, plant and equipment and intangible assets | 111 | 17 | 22 |
Equity accounted investments | 371 | 60 | 149 |
Financial assets | 8 | 259 | 327 |
Proceeds from sale of assets held for sale | 0 | 0 | 15 |
Net settlement of foreign exchange hedges | 23 | ||
Net settlement of foreign exchange hedges | (12) | 19 | |
Restricted cash and deposits | (71) | 104 | 26 |
Cash from (used in) investing activities | (3,999) | (1,595) | (96) |
Cash | |||
Change during the period | 903 | 48 | 719 |
Impact of foreign exchange on cash | (60) | 8 | (15) |
Cash reclassified as assets held for sale | 0 | 0 | (8) |
Balance, beginning of year | 1,106 | 1,050 | 354 |
Balance, end of year | $ 1,949 | $ 1,106 | $ 1,050 |
NATURE AND DESCRIPTION OF THE P
NATURE AND DESCRIPTION OF THE PARTNERSHIP | 12 Months Ended |
Dec. 31, 2018 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
NATURE AND DESCRIPTION OF THE PARTNERSHIP | NATURE AND DESCRIPTION OF THE PARTNERSHIP (a) Brookfield Business Partners L.P. Brookfield Business Partners L.P. and its subsidiaries, (collectively, "the partnership") own and operate business services and industrial operations ("the Business") on a global basis. Brookfield Business Partners L.P. was registered as a limited partnership established under the laws of Bermuda, and organized pursuant to a limited partnership agreement as amended on May 31, 2016, and as further amended on June 17, 2016. Brookfield Business Partners L.P. is a subsidiary of Brookfield Asset Management Inc. ("Brookfield Asset Management" or "Brookfield" or the "parent company"). Brookfield Business Partners L.P.'s limited partnership units are listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbols "BBU" and "BBU.UN", respectively. The registered head office of Brookfield Business Partners L.P. is 73 Front Street, 5th Floor, Hamilton HM 12, Bermuda. Brookfield Business Partners L.P.’s sole direct investment is a managing general partnership interest (the "Managing GP Units") in Brookfield Business L.P. (the "Holding LP"), which holds the partnership’s interests in the business services and industrial operations. The partnership’s principal business services include construction services, infrastructure services to the power generation industry, services provider to the offshore oil production industry, residential real estate services, road fuel distribution and marketing, logistics and facilities management. The partnership’s principal industrial operations are comprised of palladium and aggregates mining, the production of graphite electrodes, water and wastewater services and manufacturing of returnable plastic and packaging systems, and oil and gas production. The partnership’s operations are primarily located in Canada, Australia, Europe, the United States, Brazil and the Middle East. (b) Spin-off of business services and industrial operations On June 20, 2016, Brookfield completed the spin-off of the partnership (the "spin-off"), which was effected by way of a special dividend of units of Brookfield Business Partners L.P. to holders of Brookfield’s Class A and B limited voting shares as of June 2, 2016. Each holder of Brookfield shares received one limited partnership unit for approximately every 50 Brookfield shares. Brookfield shareholders received approximately 45% of the limited partnership units of Brookfield Business Partners L.P., with Brookfield retaining the remaining limited partnership units of Brookfield Business Partners L.P. Prior to the spin-off, Brookfield effected a reorganization so that the partnership’s business services and industrial operations that were historically owned and operated by Brookfield, both directly and through its operating entities, were acquired by subsidiaries of the Holding LP, (the ‘‘holding entities’’). In addition, Brookfield transferred $250 million in cash to the holding entities. The holding entities were established to hold the partnership’s interest in the Business. In consideration, Brookfield received (i) approximately 55% of the limited partnership ("LP") units and 100% of the general partner units of Brookfield Business Partners L.P., (ii) special limited partnership units ("Special LP Units") and redemption-exchange units of Holding LP ("redemption- exchange units"), representing an approximate 52% limited partnership interest in the Holding LP, and (iii) $15 million of preferred shares of the holding entities, (‘‘preferred shares’’). On spin-off, Brookfield held approximately 79% of the partnership interest on a fully exchanged basis. As at December 31, 2018, Brookfield's interest in the partnership was 68% on a fully exchanged basis. Further details are described in Note 19. Throughout these consolidated financial statements, reference to "attributable to the unitholder" means attributable to limited partnership unitholders, general partnership unitholders, redemption-exchange unitholders and special limited partnership unitholders post spin-off and to parent company pre spin-off. The following describes the agreements resulting from the spin-off: (i) Redemption-exchange units As part of the spin-off, Holding LP issued redemption-exchange units for the transfer of the Business. The redemption-exchange units may, at the request of Brookfield, be redeemed in whole or in part, for cash in an amount equal to the market value of one of Brookfield Business Partners L.P.’s limited partnership units multiplied by the number of units to be redeemed (subject to certain customary adjustments). This right is subject to Brookfield Business Partners L.P.’s right, at its sole discretion, to elect to acquire any unit presented for redemption in exchange for one of Brookfield Business Partners L.P.’s limited partnership units (subject to certain customary adjustments). If Brookfield Business Partners L.P. elects not to exchange the redemption-exchange units for limited partnership units of Brookfield Business Partners L.P., the redemption-exchange units are required to be redeemed for cash. The redemption-exchange units provide the holder the direct economic benefits and exposures to the underlying performance of Holding LP and accordingly to the variability of the distributions of Holding LP, whereas Brookfield Business Partners L.P.’s unitholders have indirect access to the economic benefits and exposures of Holding LP through direct ownership interest in Brookfield Business Partners L.P. which owns a direct interest in Holding LP through its Managing GP Units. (ii) Preferred shares As part of the spin-off, Brookfield subscribed for an aggregate of $15 million of preferred shares of three of the partnership’s subsidiaries. The preferred shares are entitled to receive a cumulative preferential cash dividend equal to 5% of their redemption value per annum as and when declared by the board of the directors of the applicable entity and are redeemable at the option of the applicable entity at any time after the twentieth anniversary of their issuance. (iii) Credit facilities As part of the spin-off, the partnership entered into a credit agreement with Brookfield (the ‘‘Brookfield Credit Agreements’’) providing for two , three -year revolving credit facilities. In October 2017, the two credit facilities were combined into one revolving credit facility that permits borrowings of up to $500 million . Further details of the Brookfield Credit Agreements are described in Note 17. (iv) Other arrangements with Brookfield The partnership entered into a Master Services Agreement (the ‘‘Master Services Agreement’’) with affiliates of Brookfield, (the ‘‘Service Providers’’), to provide management services to the partnership. Key decision makers of the partnership are employees of the ultimate parent company and provide management services to the partnership under this Master Services Agreement. Pursuant to the Master Services Agreement, the partnership pays a base management fee to the Service Providers equal to 1.25% of the total capitalization of Brookfield Business Partners L.P. per annum ( 0.3125% per quarter). Through its holding of Special LP Units in the Holding LP, Brookfield also receives incentive distributions based on a 20% increase in the unit price of Brookfield Business Partners L.P. over an initial threshold based on the volume weighted average price of the units, subject to a high watermark. Further details of this arrangement are described in Note 19. As part of the spin-off, the partnership entered into a Deposit Agreement with Brookfield, (the ‘‘Deposit Agreement’’). From time to time, the partnership may place funds on deposit with Brookfield. The deposit balance is due on demand and earns an agreed upon rate of interest. The terms of any such deposit are on market terms. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2018 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES (a) Basis of presentation These consolidated financial statements of the partnership and its subsidiaries (‘‘financial statements’’) have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). The financial statements are prepared on a going concern basis and have been presented in U.S. dollars rounded to the nearest million unless otherwise indicated. The accounting policies and methodologies set out below have been applied consistently, with the exception of certain comparative figures which have been reclassified to conform to the current period's presentation. Policies not effective for the current accounting period are described later in Note 2 (ad), under Future Changes in Accounting Policies. For the periods prior to June 20, 2016, the partnership’s results represented a carve-out of the assets, liabilities, revenues, expenses, and cash flows of the Business that was contributed to the partnership and included allocations of general corporate expenses of the parent company. These expenses, prior to the spin-off, relate to certain operations oversight functions and associated information technology, facilities and other overhead costs and have been allocated based on headcount. These allocated expenses have been included as appropriate in the partnership’s consolidated statements of operating results prior to the spin-off. These allocations may not, however, reflect the expense the partnership would have incurred as an independent publicly-traded company for the periods presented. Subsequent to the spin-off, the partnership is no longer allocated general corporate expenses of the parent company as the functions to which they related are now provided through the Master Services Agreement. The base management fee related to the services received under the Master Services Agreement has been recorded as part of general and administrative expenses in the consolidated financial statements. These financial statements were approved by the partnership’s Board of Directors and authorized for issue on March 15, 2019 . Revision of Comparatives The comparative cash flow figures for the year ended December 31, 2017, have been revised to correct an immaterial error identified by management in the audited consolidated statements related to the reclassification of cash flows from bank overdrafts, resulting from an acquisition completed in May 2017 in our business services segment. As a result, for the year ended December 31, 2017, $360 million , which was previously reported in accounts payable and other within the operating activities line item entitled changes in non-cash working capital, net, is now being reported within the financing activities line item entitled proceeds from credit facilities, net. The 2017 comparative figures in the supplemental cash flow information within Note 28 have also been updated to remove the bank overdraft which was previously recorded within accounts payable and other. The correction of the classification in the statement of cash flow is immaterial and had no impact on the partnership’s historical audited statements of financial position, statements of operating results, statements of comprehensive income, and statements of changes in equity. Segment Change Periodically we review the organizational and governance structure of our businesses. Following the acquisitions and monetizations completed during the year, we have assessed our operations and made updates. In connection with the acquisition of Westinghouse Electric Company ("Westinghouse") and the disposition of our Australian energy business, we have realigned the organizational and governance structure of our businesses and have changed how the partnership evaluates financial information for management decision making which has resulted in a change in our operating segments. Specifically, our construction services segment and business services segment are presented as a single operating segment called business services. Infrastructure services is a new operating segment, which includes our investment in Westinghouse and Teekay Offshore. The energy segment has been eliminated and the remainder of our energy businesses are evaluated with and presented within our industrial operations segment. The partnership has retrospectively applied these segment changes for all periods presented. (b) Continuity of interests Brookfield Business Partners L.P. was established on January 18, 2016 by Brookfield and on June 20, 2016 Brookfield completed the spin-off of the Business to holders of Brookfield’s Class A and B limited voting shares. Brookfield directly and indirectly controlled the Business prior to the spin-off and continues to control the partnership subsequent to the spin-off through its interests in the partnership. As a result of this continuing common control, there is insufficient substance to justify a change in the measurement of the Business. In accordance with the partnership’s and Brookfield’s accounting policy, the partnership has reflected the Business in its financial position and results of operations using Brookfield’s carrying values, prior to the spin-off. To reflect this continuity of interests these financial statements provide comparative information of the Business for the periods prior to the spin-off, as previously reported by Brookfield. The economic and accounting impact of contractual relationships created or modified in conjunction with the spin-off (see Note 1(b)) have been reflected prospectively from the date of the spin-off and have not been reflected in the results of operations or financial position of the partnership prior to June 20, 2016, as such items were in fact not created or m odified prior thereto. Accordingly, the financial information for the periods prior to June 20, 2016 is presented based on the historical financial information for the Business as previously reported by Brookfield. For the period after completion of the spin-off, the results are based on the actual results of the partnership, including the adjustments associated with the spin-off and the execution of several new and amended agreements including management service and relationship agreements (see Note 24). Therefore, net income (loss) and comprehensive income (loss) not attributable to interests of others in operating subsidiaries has been allocated to Brookfield prior to June 20, 2016 and allocated to the limited partners, the general partner, redemption-exchange unitholders, and special limited partners on and after June 20, 2016. Prior to June 20, 2016, intercompany transactions between the partnership and Brookfield have been included in these financial statements and are considered to be forgiven at the time of the transaction, are recorded and reflected as a ‘‘Net increase/(decrease) in Brookfield Asset Management Inc. investment’’. ‘‘Net increase/(decrease) in Brookfield Asset Management Inc. investment’’ as shown in the consolidated statements of changes in equity represents the parent company’s historical investment in the partnership, accumulated net income and the net effect of the transactions and allocations from the parent company. The total net effect of transactions with the parent company is reflected in the consolidated statements of cash flow as a financing activity and in the consolidated statements of financial position as ‘‘Equity attributable to Brookfield Asset Management Inc. (c) Basis of consolidation The consolidated financial statements include the accounts of the partnership and its consolidated subsidiaries, which are the entities over which the partnership has control. An investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Non-controlling interests in the equity of the partnership’s subsidiaries held by others and the redemption-exchange units, Special LP Units and preferred shares held by Brookfield in the Holding LP and the holding entities respectively are shown separately in equity in the consolidated st atements of financial position. Intercompany transactions within the partnership have been eliminated. As part of the spin-off, Brookfield Business Partners L.P., through its Managing GP Units, became the managing general partner of Holding LP, and thus controls Holding LP. The partnership entered into agreements with various affiliates of Brookfield, whereby the partnership was assigned Brookfield’s voting or general partner kick-out rights and effectively controls the subsidiaries of Holding LP with respect to which the agreements were put in place. Accordingly, the partnership consolidates the accounts of Holding LP and its subsidiaries. (d) Redemption-exchange units As described in Note 1(b)(i), the partnership’s equity interests include limited partnership units held by public unitholders and Brookfield, as well as redemption-exchange units held by Brookfield. The redemption-exchange units have the same economic attributes in all respects as the limited partnership units, except that the redemption-exchange units provide Brookfield the right to request that its units be redeemed for cash consideration. In the event that Brookfield exercises this right, the partnership has the right, at its sole discretion, to satisfy the redemption request with limited partnership units of Brookfield Business Partners L.P., rather than cash, on a one -for-one basis. The redemption-exchange units provide Brookfield with the direct economic benefits and exposures to the underlying performance of the Holding LP and accordingly to the variability of the distributions of the Holding LP, whereas the partnership’s unitholders have indirect access to the economic benefits and exposures of the Holding LP through direct ownership interest in the partnership which owns a direct interest in the Holding LP. Accordingly, the redemption-exchange units have been presented within non-controlling interests. The redemption-exchange units are issued capital of the Holding LP and as a result are not adjusted for changes in market value. (e) Preferred shares and Special Limited Partner units As described in Note 1(b)(ii), the partnership’s equity interests include preferred shares and Special Limited Partner units held by Brookfield. The partnership and its subsidiaries are not obligated to redeem the preferred shares and accordingly, they have been determined to be equity of the applicable entities and are reflected as a component of non-controlling interest in the consolidated stateme nts of financial position. (f) Interests in other entities (i) Subsidiaries These consolidated financial statements include the accounts of the partnership and subsidiaries over which the partnership has control. Subsidiaries are consolidated from the date of acquisition, being the date on which the partnership obtained control, and continue to be consolidated until the date when control is lost. The partnership controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Non-controlling interests may be initially measured either at fair value or at the non-controlling interests’ proportionate share of the fair value of the acquiree’s identifiable net assets. The choice of measurement basis is made on an acquisition by acquisition basis. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests’ share of subsequent changes in partnership capital in addition to changes in ownership interests. Total comprehensive income (loss) is attributed to non-controlling interests, even if this results in the non-controlling interests having a deficit balance. All intercompany balances, transactions, revenues and expenses are eliminated in full. The following provides information about our partnership's wholly-owned subsidiaries as of December 31, 2018 and 2017 : Defined Name Name of entity Country of incorporation Voting interest (%) Economic interest (%) 2018 2017 2018 2017 Business Services Financial advisory services business BFIN Canada 100 % 100 % 100 % 100 % Residential real estate services business Brookfield RPS Limited Canada 100 % 100 % 100 % 100 % Construction services business Multiplex United Kingdom 100 % 100 % 100 % 100 % The following table presents details of non-wholly owned subsidiaries of our partnership: Defined Name Name of entity Country of incorporation Voting interest (%) Economic interest (%) 2018 2017 2018 2017 Business Services Condominium management services business Crossbridge Condominium Services Ltd. Canada 90 % 90 % 90 % 90 % IT storage facilities management business WatServ Canada 75 % 75 % 75 % 75 % Fuel marketing business BG Fuels Canada 100 % 100 % 26 % 26 % Facilities management business BGIS Global Integrated Solutions Canada 100 % 100 % 26 % 26 % Cold storage logistics Nova Cold Logistics Canada 100 % 100 % 25 % 25 % Road fuel distribution business Greenergy Fuels Holding Limited United Kingdom 85 % 85 % 14 % 14 % Wireless broadband Imagine Communications Group Limited Ireland 55 % — % 31 % — % Infrastructure services Infrastructure services provider to the power generation industry Westinghouse Electric Company United States of America 100 % — % 44 % — % Services provider to the offshore oil production industry Teekay Offshore Partners L.P. United States of America 51 % — % 25 % — % Industrial operations Limestone mining operations Hammerstone Corporation Canada 100 % 100 % 39 % 39 % Graphite electrode manufacturing business GrafTech International Ltd. United States of America 79 % 100 % 27 % 34 % Water and wastewater services BRK Ambiental Brazil 70 % 70 % 26 % 26 % Infrastructure support products manufacturing operation AP Infrastructure Solutions LP Canada 100 % 100 % 25 % 25 % Palladium mining operation North American Palladium Ltd. Canada 91 % 92 % 23 % 23 % Provider of returnable plastic packaging Schoeller Allibert Group B.V. Netherlands 52 % — % 14 % — % Canadian well-servicing operation CWC Energy Services Corp. Canada 78 % 78 % 56 % 56 % Canadian energy operation Ember Resources Inc. Canada 100 % 100 % 41 % 41 % (ii) Associates and joint ventures Associates are entities over which the partnership exercises significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but without control or joint control over those policies. Joint ventures are joint arrangements whereby the parties that have joint control of the arrangement have the rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control over an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. The partnership accounts for associates and joint ventures using the equity method of accounting within equity accounted investments in the consolidated statements of financial position. Interests in associates and joint ventures accounted for using the equity method are initially recognized at cost. At the time of initial recognition, if the cost of the associate or joint venture is lower than the proportionate share of the investment’s underlying fair value, the partnership records a gain on the difference between the cost and the underlying fair value of the investment in net income. If the cost of the associate or joint venture is greater than the partnership’s proportionate share of the underlying fair value, goodwill relating to the associate or joint venture is included in the carrying amount of the investment. Subsequent to initial recognition, the carrying value of the partnership interest in an associate or joint venture is adjusted for the partnership’s share of comprehensive income and distributions of the investee. Profit and losses resulting from transactions with an associate or joint venture are recognized in the consolidated financial statements based on the interests of unrelated investors in the investee. The carrying value of associates or joint ventures is assessed for impairment at each reporting date. Impairment losses on equity accounted investments may be subsequently reversed in net income. Further information on the impairment of long-lived assets is available in Note 2(o). (g) Foreign currency translation The U.S. dollar is the functional and presentation currency of the partnership. Each of the partnership’s subsidiaries and equity accounted investments determines its own functional currency and items included in the financial statements of each subsidiary and equity accounted investment are measured using that functional currency. Assets and liabilities of foreign operations having a functional currency other than the U.S. dollar are translated at the rate of exchange prevailing at the reporting date and revenues and expenses at average rates during the period. Gains or losses on translation are included as a component of equity. On disposal of a foreign operation resulting in the loss of control, the component of other comprehensive income due to accumulated foreign currency translation relating to that foreign operation is reclassified to net income. Gains or losses on foreign currency denominated balances and transactions that are designated as hedges of net investments in these operations are reported in the same manner. On partial disposal of a foreign operation in which control is retained, the proportionate share of the component of other comprehensive income or loss relating to that foreign operation is reclassified to non-controlling interests in that foreign operation. Foreign currency denominated monetary assets and liabilities are translated using the rate of exchange prevailing at the reporting date and non-monetary assets and liabilities are measured at historic cost and are translated at the rate of exchange at the transaction date. Revenues and expenses are measured at average rates during the period. Gains or losses on translation of these items are included in the consolidated statement of operating results. Gains and losses on transactions which hedge these items are also included in the consolidated statement of operating results. (h) Business combinations Business acquisitions, in which control is acquired, are accounted for using the acquisition method, other than those between and among entities under common control. The consideration of each acquisition is measured at the aggregate of the fair values at the acquisition date of assets transferred by the acquirer, liabilities incurred or assumed, and equity instruments issued by the partnership in exchange for control of the acquiree. Acquisition related costs are recognized in the consolidated statements of operating results as incurred and included in other income (expenses), net. Where applicable, the consideration for the acquisition includes any asset or liability resulting from a contingent consideration arrangement, measured at its acquisition-date fair value. Subsequent changes in fair values are adjusted against the cost of the acquisition where they qualify as measurement period adjustments. All other subsequent changes in the fair value of contingent consideration classified as liabilities will be recognized in the consolidated statements of operating results, whereas changes in the fair values of contingent consideration classified within equity are not subsequently re-measured. Where a business combination is achieved in stages, the partnership’s previously held interests in the acquired entity are remeasured to fair value at the acquisition date, that is, the date the partnership attains control and the resulting gain or loss, if any, is recognized in the consolidated statements of operating results. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognized in other comprehensive income are reclassified to the consolidated statements of operating results, where such treatment would be appropriate if that interest were disposed of. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the acquisition occurs, the partnership reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period, or additional assets or liabilities are recognized, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognized as of that date. The measurement period is the period from the date of acquisition to the date the partnership obtains complete information about facts and circumstances that existed as of the acquisition date. The measurement period is subject to a maximum of one year subsequent to the acquisition date. If, after reassessment, the partnership’s interest in the fair value of the acquiree’s identifiable net assets exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer’s previously held equity interest in the acquiree if any, the excess is recognized immediately in income as a bargain purchase gain. Contingent liabilities acquired in a business combination are initially measured at fair value at the date of acquisition. At the end of subsequent reporting periods, such contingent liabilities are measured at the higher of the amount that would be recognized in accordance with IAS 37, Provisions, Contingent Liabilities and Contingent Assets, and the amount initially recognized less cumulative amortization recognized in accordance with IAS 18, Revenue. (i) Cash and cash equivalents Cash and cash equivalents include cash on hand, non-restricted deposits and short-term investments with original maturities of three months or less. (j) Accounts and other receivable, net Accounts and other receivable, net include trade receivables, construction retentions and other unbilled receivables, which are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method, less any allowance for uncollectable amounts. Trade receivables related to the partnership’s mining operations are recognized at fair value. (k) Inventories Inventories, with the exception of certain fuel inventories, are valued at the lower of cost and net realizable value. Cost is determined using specific identification where possible and practicable or using the first-in, first-out or weighted average method. Costs include direct and indirect expenditures incurred in bringing the inventory to its existing condition and location. Net realizable value represents the estimated selling price in the ordinary course of business, less the estimated costs of completion and the estimated costs necessary to make the sale. Fuel inventories are traded in active markets and are purchased with the view to resell in the near future, generating a profit from fluctuations in prices or margins. As a result, fuel inventories are carried at market value by reference to prices in a quoted active market, in accordance with the commodity broker-trader exemption granted by IAS 2, Inventories . Change in fair value less costs to sell, are recognized in the consolidated statement of operating results through direct operating costs. Fuel products that are held for extended periods in order to benefit from future anticipated increases in fuel prices or located in territories where no active market exists are recognized at the lower of cost and net realizable value. Products and chemicals used in the production of biofuels are valued at the lower of cost and net realizable value. (l) Renewable Transport Fuel Obligation (RTFO) Under the UK government's Renewable Transport Fuel Obligation ("RTFO") Order, which regulates biofuels used for transport and non-road mobile machinery, our UK road fuel service operation is required to meet annual targets for the supply of biofuels. The obligations which arise are either settled by cash or through the delivery of certificates which are generated by blending biofuels. To the extent that the partnership generates certificates in excess of its current year obligation, these can either be carried forward to offset up to 25% of the next year’s obligation or sold to other parties. Certificates generated or purchased during the year which will be used to settle the current obligation are recognized in inventory at the lower of cost and net realizable value. Where certificates are generated, cost is deemed to be the average cost of blending biofuels during the year in which the certificates are generated. Certificates held for sale to third parties are recognized in inventory at fair value. There is no externally quoted marketplace for the valuation of RTFO certificates. In order to value these contracts, the partnership has adopted a pricing methodology combining both observable inputs based on market data and assumptions developed internally based on observable market activity. Changes in market prices of the certificates and the quantity of tickets considered to be realizable through external sales are recognized immediately in the consolidated statement of operating results. Certificates for which no active market is deemed to exist are not recognized. The liability associated with the obligations under the RTFO Order is recognized in the year in which the obligation arises and is valued by reference to either the cost of generating the certificates which will be surrendered to meet the obligation or the expected future cash outflow where the obligation is settled. The liability is recorded in accounts payable and other. (m) Related party transactions In the normal course of operations, the partnership enters into various transactions on market terms with related parties, which have been measured at their exchange value and are recognized in the consolidated financial statements. Related party transactions are further described in Note 24. (n) Property, plant and equipment, or PP&E Items of PP&E are measured at cost less accumulated depreciation and accumulated impairment losses, if any. Cost includes expenditures that are directly attributable to the acquisition of the asset. The cost of assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the assets to a working condition for their intended use, and the cost of dismantling and removing the items and restoring the site on which they are located. Depreciation of an asset commences when it is available for use. PP&E are depreciated on a straight line basis over the estimated useful lives of each component of the assets as follows: Buildings Up to 50 years Leasehold improvements Up to 40 years but not exceeding the term of the lease Machinery and equipment Up to 20 years Oil and gas related equipment Up to 10 years Vessels Up to 35 years Depreciation on PP&E is calculated on a straight-line basis so as to write-off the net cost of each asset over its expected useful life to its estimated residual value. Leasehold improvements are depreciated over the period of the lease or estimated useful life, whichever is the shorter, using the straight-line method. The estimated useful lives, residual values and depreciation methods are reviewed at the end of each annual reporting period, with the effect of any changes recognized on a prospective basis. With respect to our oil and natural gas assets, pre-license costs are costs incurred before the legal rights to explore a specific area have been obtained and are expensed in the period in which they are incurred. Once the legal right to explore has been acquired, costs directly associated with an exploration well are initially capitalized as exploration and evaluation, or E&E, costs. Such E&E costs may include costs of license acquisition, technical services and studies, seismic acquisition, exploration drilling and testing. E&E costs are not depleted and are carried forward until technical feasibility and commercial viability has been determined. All such carried costs are subject to technical, commercial and management review at each reporting period and where indicators of impairment exist, such costs are charged to E&E expense. Upon determination that proved and/or probable reserves exist and the technology exists to extract the resource economically, E&E assets attributable to those reserves are first tested for impairment and then reclassified to oil and gas properties within PP&E. The net carrying value of oil and gas properties is depleted using the unit-of-production method based on estimated proved plus probable oil and natural gas reserves. Future development costs, which are the estimated costs necessary to bring those reserves into production, are included in the depletable base. For purposes of this calculation, oil and natural gas reserves are converted to a common unit of measurement on the basis of their relative energy content where six thousand cubic feet of natural gas equates to one barrel of oil. With respect to our mining assets, exploration costs relating to properties are charged to earnings in the year in which they are incurred. When it is determined that a mining property can be economically developed as a result of reserve potential and subsequent exploration, expenditures are capitalized. Determination as to reserve potential is based on the results of studies, which indicate whether production from a property is economically feasible. Upon commencement of commercial production of a development project these costs are amortized using the unit-of-production method over the proven and probable reserves. As part of its mining operations, the partnership incurs stripping costs both during the development phase and production phase of its operations. Stripping costs incurred as part of development stage mining activities incurred by the partnership are deferred and capitalized as part of mining properties. Stripping costs incurred during the production stage are incurred in order to produce inventory or to improve access to ore which will be mined in the future. Where the costs are incurred to produce inventory, the production stripping costs are accounted for as a cost of producing those inventories. Where the costs are incurred to improve access to ore which will be mined in the future, the costs are deferred and capitalized as a stripping activity asset (included in mining interest) if the following criteria are met: improved access to the ore body is probable; the component of the ore body can be accurately identified; and the costs relating to the stripping activity associated with the component can be reliably measured. If these criteria are not met the costs are expensed in the period in which they are incurred. The stripping activity asset is subsequently depleted using the units-of-production depletion method over the life of the identified component of the ore body to which access has been improved as a result of the stripping activity. (o) Asset impairment At each reporting date the partnership assesses whether for assets, other than those measured at fair value with changes in values recorded in net income, there is any indication that such assets or cash generating units are impaired. This assessment includes a review of internal and external factors which includes, but is not limited to, changes in the technological, political, economic or legal environment in which the entity operates in, structural changes in the industry, changes in the level of demand, physical damage and obsolescence due to technological changes. An impairment is recognized if the recoverable amount, determined as the higher of the estimated fair value less costs of disposal or the discounted future cash flows generated from use and eventual disposal from an asset or cash generating unit is less than their carrying value. The projections of future cash flows take into account the relevant operating plans and management’s best estimate of the most probable set of conditions anticipated to prevail. Where an impairment loss subsequently reverses, the carrying amount of the asset or cash generating unit is incr |
ACQUISITION OF BUSINESSES
ACQUISITION OF BUSINESSES | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations 1 [Abstract] | |
ACQUISITION OF BUSINESSES | ACQUISITION OF BUSINESSES When determining the basis of accounting for the partnership’s investees, the partnership evaluates the degree of influence that the partnership exerts directly or through an arrangement over the investees' relevant activities. Control is obtained when the partnership has power over the acquired entities and an ability to use its power to affect the returns of these entities. The partnership accounts for business combinations using the acquisition method of accounting, pursuant to which the cost of acquiring a business is allocated to its identifiable tangible and intangible assets and liabilities on the basis of the estimated fair values at the date of acquisition. (a) Acquisitions completed in 2018 The following summarizes the consideration transferred, assets acquired and liabilities assumed at the applicable acquisition dates: (US$ MILLIONS) Business Services Infrastructure Services Industrial Total (1) Cash $ 25 $ 1,686 $ 45 $ 1,756 Non-cash consideration — 275 — 275 Total Consideration (2) $ 25 $ 1,961 $ 45 $ 2,031 (US$ MILLIONS) Cash and cash equivalents $ 36 $ 592 $ 30 $ 658 Accounts and other receivable, net 11 836 75 922 Inventory, net 2 626 58 686 Equity accounted investments — 328 1 329 Property, plant and equipment 57 4,669 187 4,913 Intangible assets 28 2,683 231 2,942 Goodwill 31 760 180 971 Deferred income tax assets — 11 27 38 Financial assets — 317 2 319 Other assets — 1,026 — 1,026 Accounts payable and other (24 ) (3,431 ) (199 ) (3,654 ) Borrowings (50 ) (3,352 ) (266 ) (3,668 ) Deferred income tax liabilities (2 ) (83 ) (72 ) (157 ) Net assets acquired before non-controlling interest 89 4,982 254 5,325 Non-controlling interest (3) (4) (64 ) (3,021 ) (209 ) (3,294 ) Net Assets Acquired $ 25 $ 1,961 $ 45 $ 2,031 ____________________________________ (1) The initial fair values of acquired assets, liabilities and goodwill for the acquisitions have been determined on a preliminary basis at the end of the reporting period. Specifically, within our infrastructure services segment we are in on-going negotiations which could result in a change to fair value estimates related to working capital, intangible assets, goodwill and deferred taxes. (2) Excludes consideration attributable to non-controlling interest, which represents the interest of others in operating subsidiaries. (3) Non-controlling interest recognized on business combination, were measured at fair value for Business Services and Infrastructure Services. (4) Non-controlling interest recognized on business combination, were measured at the proportionate share of fair value of the assets acquired and liabilities assumed for Industrial Operations. Business Services Facilities management business ("BGIS") On February 1, 2018, the partnership, through BGIS, completed a tuck-in acquisition, acquiring an 85% interest in Critical Solutions Group and Critical Power Testing and Maintenance ("CSG"), a US specialist provider of services for the data center market, for $4 million attributable to the partnership. On acquisition, the partnership had a 22% economic interest and an 85% voting interest in the business, which provides the partnership with control over the business. Accordingly, the partnership consolidates the business for financial reporting purposes. Acquisition costs of less than $1 million were expensed at the acquisition date and recorded as other expenses on the consolidated statements of operating results. Goodwill of $8 million was acquired, which represents the expected growth and synergies the partnership expects to receive from the integration of the operations. Goodwill recognized is deductible for income tax purposes. The partnership’s results from operations for the period ended December 31, 2018 includes $1 million of revenue and less than $1 million of net loss attributable to the partnership from the acquisition. If this acquisition had been effective January 1, 2018, the partnership would have recorded revenue of $2 million for the period ended December 31, 2018 and net loss of less than $1 million attributable to the partnership for the period ended December 31, 2018 . Imagine Communications Group Limited ("Imagine") On October 1, 2018, the partnership, together with institutional investors, acquired a 50.1% interest in Imagine, a provider of high speed wireless broadband in Ireland. The partnership's economic interest of 31% was acquired for consideration of $10 million . The partnership has a 55% voting interest in this business, which provides us with control. Accordingly, the partnership consolidates this business for financial reporting purposes. Acquisition costs of approximatively $2 million were expensed at the acquisition date and recorded as other expenses on the consolidated statements of operating results. Goodwill of $6 million was acquired, which represents the expected growth the partnership expects to receive from the integration of the operations. Goodwill recognized is no t deductible for income tax purposes. Intangible assets of $23 million were acquired, primarily comprised of customer relationships and a license. The partnership’s results from operations for the period ended December 31, 2018 includes $1 million of revenue and $2 million of net loss attributable to the partnership from the acquisition. If this acquisition had been effective January 1, 2018, the partnership would have recorded revenue of $6 million for the period ended December 31, 2018 and net loss of $5 million attributable to the partnership for the period ended December 31, 2018 . Other On December 1, 2018, the partnership's fuel marketing business completed a tuck-in acquisition, acquiring 22 gas stations and associated convenience kiosks in Ontario, Canada for total consideration of $8 million attributable to the partnership. On acquisition, the partnership had a 26% economic interest and a 100% voting interest in this business, which give us control over the business. Accordingly, the partnership consolidates this business for financial reporting purposes. Acquisition costs of less than $1 million were expensed at the acquisition date and recorded as other expenses on the consolidated statement of operating results. Goodwill of $12 million was acquired, which represents the expected growth and synergies the partnership expects to receive from the integration of the operations. Goodwill recognized is deductible for income tax purposes. The partnership’s results from operations for the year ended December 31, 2018 includes $2 million of revenue and less than $1 million of net income attributable to the partnership from the acquisition. If the acquisition had been effective January 1, 2018, the partnership would have recorded revenue of approximately $21 million for the year ended December 31, 2018 and net income of less than $1 million attributable to the partnership for the year ended December 31, 2018. Infrastructure Services Westinghouse Electric Company (“Westinghouse”) On August 1, 2018, the partnership, together with institutional investors, acquired a 100% interest in Westinghouse, a leading global provider of infrastructure services to the power generation industry. The partnership's economic interest of 44% was acquired for consideration of $1,686 million . The partnership has a 100% voting interest in this business, which provides us with control. Accordingly, the partnership consolidates this business for financial reporting purposes. Acquisition costs of approximatively $55 million were expensed at the acquisition date and recorded as other expenses on the consolidated statements of operating results. Goodwill of $213 million was acquired, which represents the expected growth the partnership expects to receive from the integration of the operations. Goodwill recognized is no t deductible for income tax purposes. Intangible assets of $2,684 million were acquired, primarily comprised of developed technology and the Westinghouse trade name. The partnership’s results from operations for the period ended December 31, 2018 includes $743 million of revenue and $37 million of net loss attributable to the partnership from the acquisition. If this acquisition had been effective January 1, 2018, the partnership would have recorded revenue of $1,715 million for the period ended December 31, 2018 and net loss of $105 million attributable to the partnership for the period ended December 31, 2018 . Teekay Offshore Partners L.P. ("Teekay Offshore") Prior to July 3, 2018, the partnership, together with institutional investors, had a 60% economic interest in Teekay Offshore and a 49% voting interest in Teekay Offshore's General Partner ("Teekay Offshore GP"). The 60% economic interest in Teekay Offshore was accounted for using the equity method. On July 3, 2018, the partnership, together with institutional investors, exercised its general partner option to acquire an additional 2% voting interest in Teekay Offshore GP, in exchange for one million of warrants and began consolidating the business. On acquisition, the partnership, together with institutional investors, had a 60% economic interest in Teekay Offshore and a 51% voting interest in Teekay Offshore GP, which provided the partnership with control over the business. Accordingly, the partnership has consolidated this business for financial statement purposes. Total consideration for the acquisition was $275 million attributable to the partnership and acquisition costs of $ nil were expensed at the acquisition date and recorded as other expenses on the consolidated statements of operating results. Goodwill of $547 million was acquired, which represents benefits we expect to receive from the integration of the operations. Goodwill recognized is no t deductible for income tax purposes. The partnership's results from operations for the period ended December 31, 2018 includes revenues of $181 million and approximately $46 million of net income attributable to the partnership from the acquisition. If this acquisition had been effective January 1, 2018, the partnership would have recorded revenue of $334 million for the period ended December 31, 2018 and net income of $54 million attributable to the partnership for the period ended December 31, 2018 . The following table provides details of the business combinations achieved in stages on a gross basis: (US$ MILLIONS) Fair value of investment immediately before acquiring control $ 651 Less: Carrying value of investment immediately before acquisition 447 Add: Amounts recognized in OCI (1) 2 Remeasurement gain $ 206 Gain on extinguishment (2) 44 Gain (loss) on acquisitions/dispositions, net $ 250 Total gain on acquisition attributable to non-controlling interest $ 135 Total gain on acquisition attributable to the partnership $ 115 ____________________________________ (1) Included in carrying value of the investment immediately before acquisition. (2) The partnership recognized a total gain on extinguishment of $44 million at the subsidiary level ( $18 million on debt and $26 million on warrants). Industrial Operations Schoeller Allibert Group B.V. ("Schoeller Allibert") On May 15, 2018, the partnership , together with institutional investors, acquired a 70% interest in Schoeller Allibert, one of Europe's leading manufacturers of returnable plastic packaging systems. The partnership's economic interest of 14% was acquired for consideration of $45 million . The partnership has a 52% voting interest in this business, which provides us with control. Accordingly, the partnership consolidates this business for financial reporting purposes. Acquisition costs of approximately $9 million were expensed at the acquisition date and recorded as other expenses on the consolidated statements of operating results. Goodwill of $180 million was acquired, which represents the expected growth the partnership expects to receive from the integration of the operations. Goodwill recognized is no t deductible for income tax purposes. Intangible assets of $231 million were acquired, primarily comprised of patented technology and customer relationships. The partnership’s results from operations for the period ended December 31, 2018 includes $56 million of revenue and $3 million of net loss attributable to the partnership from the acquisition. If this acquisition had been effective January 1, 2018, the partnership would have recorded revenue of $86 million for the period ended December 31, 2018 and net loss of $4 million attributable to the partnership for the period ended December 31, 2018 . (a) Acquisitions completed in 2017 The following summarizes the consideration transferred, assets acquired and liabilities assumed at the applicable acquisition dates: (US$ MILLIONS) Business Services Industrial Operations (4) Total Cash $ 198 $ 395 $ 593 Contingent consideration 13 — 13 Total Consideration (1) $ 211 $ 395 $ 606 (US$ MILLIONS) Cash and cash equivalents $ 39 $ 296 $ 335 Accounts receivable and other 1,248 978 2,226 Inventory 690 10 700 Equity accounted investments 122 90 212 Property, plant and equipment 264 239 503 Intangible assets 403 2,436 2,839 Goodwill 325 3 328 Deferred income tax assets 9 50 59 Financial assets 106 — 106 Other assets — 65 65 Acquisition gain — (7 ) (7 ) Accounts payable and other (1,885 ) (227 ) (2,112 ) Borrowings (210 ) (1,468 ) (1,678 ) Deferred income tax liabilities (58 ) (731 ) (789 ) Net assets acquired before non-controlling interest 1,053 1,734 2,787 Non-controlling interest (2) (3) (842 ) (1,339 ) (2,181 ) Net Assets Acquired $ 211 $ 395 $ 606 ____________________________________ (1) Excludes consideration attributable to non-controlling interest, which represents the interest of others in operating subsidiaries. (2) Non-controlling interest recognized on business combinations, were measured at fair value for Business Services. (3) Non-controlling interest recognized on business combinations, were measured at the proportionate share of fair value of the assets acquired and liabilities assumed for Industrial Operations. (4) The finalization of the purchase price allocation at BRK Ambiental resulted in a $14 million decrease in goodwill. Business Services Fuel Holdings Limited ("Greenergy") On May 10, 2017, the partnership acquired, together with institutional investors, an 85% interest in Greenergy, a U.K. road fuel business. The partnership's economic interest of 14% was acquired for consideration of $79 million attributable to the partnership. The partnership has an 85% voting interest in this business, which provides us with control over the business. Accordingly, the partnership consolidates this business for financial reporting purposes. The contingent consideration contemplates potential earn outs based on reaching specific EBITDA targets over five years following closing, as well as achieving certain cash distribution and investment targets. Possible undiscounted earn outs payable ranges from $6 to $12 million . As of the acquisition date, the partnership has recorded contingent consideration of $11 million . Prior to closing the acquisition, the partnership had entered into a cash flow hedge, which generated a gain of $12 million , on closing. The partnership had elected to recognize and accordingly, reclassify the associated gains from other comprehensive income to include them in the initial fair value of net asset acquired. Acquisition costs of $7 million were expensed at the acquisition date and recorded as other expenses on the consolidated statement of operating results. Goodwill of $93 million was acquired, which represents the expected growth the partnership expects to receive from the integration of the operations. Goodwill recognized is no t deductible for income tax purposes. The partnership’s results from operations for the year ended December 31, 2017 includes $1,917 million of revenue and $2 million of net income attributable to the partnership from the acquisition. If the acquisition had been effective January 1, 2017, the partnership would have recorded revenue of approximately $2,865 million and net income of approximately $4 million attributable to the partnership for the year ended December 31, 2017. On October 31, 2017, the partnership, through Greenergy, completed two separate tuck-in acquisitions, acquiring an 85% interest in Inver Energy, an Irish road fuel business, and an 85% interest in Canadian Operators Petroleum, for combined consideration of $10 million attributable to the partnership. On acquisition, the partnership, through Greenergy, had a 14% economic interest and an 85% voting interest each of these businesses, which provides the partnership with control over the businesses. Accordingly, the partnership, through Greenergy, consolidates these businesses for financial reporting purposes. Acquisition costs of less than a million were expensed at the acquisition date and recorded as other expenses on the consolidated statement of operating results. Goodwill of $9 million was acquired, which represents the expected growth and synergies the partnership expects to receive from the integration of the operations. Goodwill recognized is no t deductible for income tax purposes. The partnership’s results from operations for the year ended December 31, 2017 includes $17 million of revenue and less than a million of net income attributable to the partnership from the two tuck-in acquisitions. If these acquisitions had been effective January 1, 2017, the partnership would have recorded revenue of approximately $92 million for the year ended December 31, 2017 and net income of less than a million attributable to the partnership for the year ended December 31, 2017. Fuel Marketing On July 17, 2017, together with institutional partners, the partnership acquired 213 retail gas stations and associated convenience kiosks ("fuel marketing business") across Canada for consideration of $110 million attributable to the partnership. On acquisition, the partnership had a 26% economic interest and a 100% voting interest in this business, which gives the partnership control over the business. Accordingly, the partnership consolidates this business for financial reporting purposes. The gas stations will be rebranded as Mobil as part of an agreement with Imperial Oil, marking the introduction of the Mobil fuel brand into Canada. The gas stations will continue to allow customers to collect points through an existing loyalty program. An intangible asset was recognized on acquisition for the loyalty program. Prior to the closing of the acquisition, the partnership had entered into a cash flow hedge, which generated a gain of $3 million on closing. The partnership elected to recognize and accordingly, reclassify the associated gains from other comprehensive income to include them in the initial fair value of net assets acquired. Acquisition costs of $4 million were expensed at the acquisition date and recorded as other expenses in the consolidated statement of operating results. Goodwill of $211 million was acquired, which represents the expected growth and synergies the partnership expects to receive from the integration of the operations. Goodwill recognized is deductible for income tax purposes. The partnership’s results from operations for the year ended December 31, 2017 includes $161 million of revenue and less than $2 million of net income attributable to the partnership from the acquisition. If the acquisition had been effective January 1, 2017, the partnership would have recorded revenue of approximately $353 million and net income of approximately $4 million attributable to the partnership for the year ended December 31, 2017. Other On June 19, 2017, one of the partnership's subsidiaries acquired a real estate brokerage operation in Quebec, Canada for total consideration of approximately $9 million attributable to the partnership. On acquisition, the partnership had a 100% economic interest and a 100% voting interest in this business, which gives us control over the business. Accordingly, the partnership consolidates this business for financial reporting purposes. Acquisition costs of less than $1 million were expensed at the acquisition date and recorded as other expenses on the consolidated statement of operating results. Goodwill of $9 million was acquired, which represents the synergies the partnership expects to receive from the integration of the operations. Goodwill recognized is no t deductible for income tax purposes. The partnership’s results from operations for the year ended December 31, 2017 includes $2 million of revenue and less than $1 million of net income attributable to the partnership from the acquisition. If the acquisition had been effective January 1, 2017, the partnership would have recorded revenue of approximately $7 million and net income of approximately $1 million attributable to the partnership for the year ended December 31, 2017. Industrial Operations BRK Ambiental On April 25, 2017, the partnership acquired, together with institutional investors, a 70% interest in BRK Ambiental, a water and wastewater services business in Brazil, which had a 12.5% voting interest in BRK Ambiental - Ativos Maduros S.A. (“OAMA”), an industrial water treatment business. OAMA is accounted for by BRK Ambiental using the equity method. Subsequently, on May 30, 2017, the partnership acquired, together with institutional investors, the remaining 87.5% voting interest in OAMA and began consolidating the businesses. On acquisition of BRK Ambiental, its 12.5% voting interest in OAMA was re-measured at fair value as part of the purchase price allocation. Given the brief duration of time between the two closing dates, no remeasurement gain or loss was recognized. On acquisition of the businesses, the partnership had approximately a 27% economic interest, which combined with our voting interest, provides us with control over both BRK Ambiental and OAMA. Accordingly, the partnership consolidates the businesses for financial statement purposes. As at December 31, 2017, the partnership holds $35 million of the consideration in escrow, which will be released to the seller over the next five years on each anniversary date of closing. Acquisition costs of $11 million were expensed at the acquisition dates and recorded as other expenses on the consolidated statement of operating results. Goodwill of approximately $3 million was acquired, which represents the expected growth that the partnership expects to receive from the integration of the operations. Goodwill recognized is no t deductible for income tax purposes. The partnership’s results from the combined operations for the year ended December 31, 2017, includes $132 million of revenue and $5 million of net income attributable to the partnership from the acquisition. If the acquisition had been effective January 1, 2017, the partnership would have recorded revenue of approximately $199 million for the year ended December 31, 2017 and net income of approximately $17 million attributable to the partnership for the year ended December 31, 2017. Other On November 5, 2017, one of the partnership's subsidiaries acquired a bundle of service and swabbing rig assets in Alberta, Canada for total consideration of approximately $12 million attributable to the partnership. On acquisition, the partnership had a 40% economic interest and a 73% voting interest in this business, which give us control over the business. Accordingly, the partnership consolidates this business for financial reporting purposes. Acquisition costs of a million were expensed at the acquisition date and recorded as other expenses on the consolidated statement of operating results. A bargain purchase gain of $7 million was recognized as the seller was motivated to exit the Canadian market. The partnership’s results from operations for the year ended December 31, 2017 includes $3 million of revenue and $1 million of net income attributable to the partnership from the acquisition. If the acquisition had been effective January 1, 2017, the partnership would have recorded revenue of approximately $13 million for the year ended December 31, 2017 and net income of approximately $2 million attributable to the partnership for the year ended December 31, 2017. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Measurement [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair values are determined by reference to quoted bid or ask prices, as appropriate. Where bid and ask prices are unavailable, the closing price of the most recent transaction of that instrument is used. In the absence of an active market, fair values are determined based on prevailing market rates such as bid and ask prices, as appropriate, for instruments with similar characteristics and risk profiles or internal or external valuation models, such as option pricing models and discounted cash flow analysis, using observable market inputs when available. Fair values determined using valuation models require the use of assumptions concerning the amount and timing of estimated future cash flows and discount rates. In determining those assumptions, the partnership looks primarily to external readily observable market inputs such as interest rate yield curves, currency rates, and price and rate volatilities as applicable. Financial instruments classified as fair value through profit or loss are carried at fair value on the consolidated statements of financial position and changes in fair values are recognized in profit or loss. The following table provides the details of financial instruments and their associated financial instrument classifications as at December 31, 2018 : (US$ MILLIONS) MEASUREMENT BASIS FVTPL FVOCI Amortized Cost Total Financial assets Cash and cash equivalents $ — $ — $ 1,949 $ 1,949 Accounts receivable, net (current and non-current) (1) 67 — 5,093 5,160 Other assets (current and non-current) (2) — — 563 563 Financial assets (current and non-current) (3) 413 376 580 1,369 Total (4) $ 480 $ 376 $ 8,185 $ 9,041 Financial liabilities Accounts payable and other (5) $ 311 $ 48 $ 4,679 $ 5,038 Borrowings (current and non-current) — — 10,866 10,866 Total $ 311 $ 48 $ 15,545 $ 15,904 ____________________________________ (1) Accounts receivable recognized at fair value relates to our mining business. (2) Excludes prepayments and other assets of $950 million . (3) Refer to Hedging Activities in note 4(a) below. (4) Total financial assets include $3,509 million of assets pledged as collateral. (5) Excludes provisions, decommissioning liabilities, deferred revenue, work in progress, post-employment benefits and various tax and duties of $4,044 million . Included in cash and cash equivalents as at December 31, 2018 is $1,597 million of cash ( 2017 : $556 million ) and $352 million of cash equivalents ( 2017 : $550 million ) which includes $244 million on deposit with Brookfield ( 2017 : $384 million ), as described in Note 24. Included in financial assets (current and non-current) as at December 31, 2018 is $283 million of equity instruments designated as measured at fair value through OCI. These equity instruments were designated as measured at fair value through OCI because these equity instruments are not held for trading. The fair value of all financial assets and liabilities as at December 31, 2018 were consistent with carrying value, with the exception of the borrowings at Teekay Offshore, where fair value determined using Level 1 and Level 2 inputs resulted in a fair value of $2,611 million versus a carrying value of $2,638 million . The fair value of all financial assets and liabilities as at December 31, 2017 were consistent with carrying value, with the exception of the borrowings at one of our industrial operations, where fair value determined using Level 1 inputs was $195 million versus a book value of $227 million . As at December 31, 2017 , the promissory note receivable from Teekay Offshore, had a fair value of $88 million compared to a book value of $70 million , and the Teekay Offshore warrants had a fair value of $43 million compared to a book value of $32 million . As at December 31, 2018 , the promissory note and warrants are eliminated on consolidation of Teekay Offshore. The following table provides the allocation of financial instruments and their associated financial instrument classifications as at December 31, 2017 : (US$ MILLIONS) FVTPL Available for sale securities Loans and Receivables/ Other Liabilities Total MEASUREMENT BASIS (Fair Value) (Fair Value through OCI) (Amortized Cost) Financial assets Cash and cash equivalents $ — $ — $ 1,106 $ 1,106 Accounts receivable, net (current and non-current) (1) 50 — 4,312 4,362 Other assets (current and non-current) (2) — — 195 195 Financial assets (current and non-current) (3) 116 429 239 784 Total $ 166 $ 429 $ 5,852 $ 6,447 Financial liabilities Accounts payable and other (4) $ 159 $ — $ 3,766 $ 3,925 Borrowings (current and non-current) — — 3,265 3,265 Total $ 159 $ — $ 7,031 $ 7,190 ____________________________________ (1) Accounts receivable recognized at fair value relates to our mining business. (2) Excludes prepayments and other assets of $314 million . (3) Refer to Hedging Activities in note 4(a) below. (4) Excludes provisions, decommissioning liabilities, deferred revenue, work in progress, post-employment benefits and various tax and duties of $1,713 million . (a) Hedging activities The partnership uses foreign exchange contracts and foreign currency denominated debt instruments to manage foreign currency exposures arising from net investments in foreign operations. For the year ended December 31, 2018 , pre-tax net gain of $125 million ( 2017 : net loss of $64 million , 2016 : net gain of $9 million ) were recorded in other comprehensive income for the effective portion of hedges of net investments in foreign operations. As at December 31, 2018 , there was an unrealized derivative asset balance of $76 million ( 2017 : $5 million ) and derivative liability balance of $ nil ( 2017 : $27 million ) relating to derivative contracts designated as net investment hedges. The partnership uses commodity swap contracts to hedge the sale price of its gas contracts as well as the purchase price of decant oil, foreign exchange contracts and option contracts to hedge highly probable future transactions, and interest rate swaps to hedge the cash flows on its floating rate borrowings. A number of these contracts are designated as cash flow hedges. For the year ended December 31, 2018 , pre-tax net loss of $56 million ( 2017 : net gain of $40 million , 2016 : net gain of $12 million ) were recorded in other comprehensive income for the effective portion of cash flow hedges. As at December 31, 2018 , there was an unrealized derivative asset balance of $17 million ( 2017 : $29 million ) and derivative liability balance of $48 million ( 2017 : $ nil ) relating to the derivative contracts designated as cash flow hedges. Other derivative instruments are measured at fair value, with changes in fair value recognized in the consolidated statements of operating results. (b) Fair Value Hierarchical Levels — financial instruments Level 3 assets and liabilities measured at fair value on a recurring basis include $280 million ( 2017 : $257 million ) of financial assets and $50 million ( December 31, 2017 : $64 million ) of financial liabilities, which are measured at fair value using valuation inputs based on management's best estimates. There were no transfers between levels during the year ended December 31, 2018 . The following table categorizes financial assets and liabilities, which are carried at fair value, based upon the level of input as at December 31, 2018 and 2017 : 2018 2017 (US$ MILLIONS) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets Common shares $ 266 $ — $ — $ 207 $ — $ — Corporate bonds — — — — — — Accounts receivable — 67 — — 50 — Loans and notes receivable — — — — — 1 Derivative assets 41 202 — 15 66 34 Other financial assets — — 280 — — 222 $ 307 $ 269 $ 280 $ 222 $ 116 $ 257 Financial liabilities Derivative liabilities $ 13 $ 296 $ 13 $ 30 $ 65 $ — Other financial liabilities — — 37 — — 64 $ 13 $ 296 $ 50 $ 30 $ 65 $ 64 The following table summarizes the valuation techniques and key inputs used in the fair value measurement of Level 2 financial instruments: (US$ MILLIONS) Type of asset/liability Carrying value December 31, 2018 Valuation technique(s) and key input(s) Derivative assets $ 202 Fair value of derivative contracts incorporates quoted market prices, or in their absence internal valuation models corroborated with observable market data; and for foreign exchange, interest rate, and commodity derivatives, observable forward exchange rates, current interest rates, and commodity prices, respectively, at the end of the reporting period. Derivative liabilities $ 296 Fair value of derivative contracts incorporates quoted market prices, or in their absence internal valuation models corroborated with observable market data; and for foreign exchange, interest rate, and commodity derivatives, observable forward exchange rates, current interest rates, and commodity prices, respectively, at the end of the reporting period. Accounts receivable $ 67 Accounts receivable represents amounts due from customers for sales of metals concentrate subject to provisional pricing, which was fair valued using forward metal prices and foreign exchange rates applicable for the month of final settlement. The fair value of Level 3 financial assets and liabilities is determined using valuation models which require the use of unobservable inputs, including assumptions concerning the amount and timing of estimated future cash flows and discount rates. In determining those unobservable inputs, the partnership uses observable external market inputs such as interest rate yield curves, currency rates, and price and rate volatilities, as applicable, to develop assumptions regarding those unobservable inputs. The following table summarizes the valuation techniques and significant unobservable inputs used in the fair value measurement Level 3 financial instruments: (US$ MILLIONS) Type of asset/liability Carrying value December 31, Valuation technique(s) Significant unobservable input(s) Relationship of unobservable input(s) to fair value Other financial assets - secured debentures $ 238 Discounted cash flows Cash flows Increases (decreases) in future cash flows increase (decrease) fair value Other financial assets - equity instruments designated as measured at FVOCI $ 32 Private share trade comparables Private share trades Increases (decreases) in private share trade prices increase (decrease) fair value Other financial assets - debt instruments measured at FVTPL $ 10 Discounted cash flows Cash flows Increases (decreases) in future cash flows increase (decrease) fair value Derivative liabilities $ 13 Black-Scholes model Volatility Increases (decreases) in volatility increase (decrease) fair value Other financial liabilities - contingent consideration $ 31 Scenario-based expected present value Forecasted EBITDA of acquired entities Increases (decreases) in forecasted EBITDA increase (decrease) fair value Other financial liabilities - management compensation plan units $ 6 Multiples analysis 3-year historical EBIT of our financial advisory services business Increases (decreases) in historical EBIT increase (decrease) fair value The following table presents the change in the balance of financial assets classified as Level 3 as at December 31, 2018 and 2017 : (US$ MILLIONS) 2018 2017 Balance at beginning of year $ 257 $ 108 Fair value change recorded in net income 17 (18 ) Fair value change recorded in other comprehensive income (2 ) 11 Additions (1) 49 164 Disposals (41 ) (8 ) Balance at end of period $ 280 $ 257 ____________________________________ (1) In 2018, $49 million of the additions relate to a secured debenture investment in a homebuilding company. In 2017, $34 million of the additions relate to IAS 39 available-for-sale equity instruments assumed on the acquisition of Greenergy, $39 million of the additions relate to warrants acquired by the partnership as part of its investment in Teekay Offshore, and $91 million relates to a secured debenture investment in a homebuilding company. Offsetting of financial assets and liabilities Financial assets and liabilities are offset with the net amount reported in the consolidated statements of financial position where the partnership currently has a legally enforceable right to offset and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. As at December 31, 2018 , $ nil of financial assets ( 2017 : $21 million ) and $ nil of financial liabilities ( 2017 : $21 million ) were offset in the consolidated statements of financial position related to derivative financial instruments. |
FINANCIAL ASSETS
FINANCIAL ASSETS | 12 Months Ended |
Dec. 31, 2018 | |
Financial Instruments [Abstract] | |
FINANCIAL ASSETS | FINANCIAL ASSETS (US$ MILLIONS) 2018 2017 Current Marketable securities (1) $ 265 $ 207 Restricted cash 376 68 Derivative contracts 223 75 Loans and notes receivable 22 11 Total current $ 886 $ 361 Non-current Marketable securities (1) $ 1 $ 1 Restricted cash 32 11 Derivative contracts 20 7 Loans and notes receivable 150 150 Other financial assets (2) 280 254 Total non-current $ 483 $ 423 ____________________________________ (1) During the year ended December 31, 2018 the partnership recognized $ nil ( 2017 : $49 million ), of net gains on disposition of marketable securities. (2) Other financial assets includes secured debentures to homebuilding companies in our business services segment. The increase in financial assets from December 31, 2017 is primarily attributable to the acquisition of Westinghouse in our infrastructure services segment, which accounted for $349 million of the increase, combined with an increase in the fair value of derivatives at our fuel distribution business. This was partially offset by the elimination of warrants held in Teekay Offshore, as we began to consolidate the business in the third quarter of 2018. |
ACCOUNTS AND OTHER RECEIVABLE,
ACCOUNTS AND OTHER RECEIVABLE, NET | 12 Months Ended |
Dec. 31, 2018 | |
Subclassifications of assets, liabilities and equities [abstract] | |
ACCOUNTS AND OTHER RECEIVABLE, NET | ACCOUNTS AND OTHER RECEIVABLE, NET (US$ MILLIONS) 2018 2017 Current, net $ 4,307 $ 3,454 Non-current, net Accounts receivable 37 — Retainer on customer contracts 103 197 Billing rights 713 711 Total Non-current, net $ 853 $ 908 Total (1) $ 5,160 $ 4,362 ____________________________________ (1) Refer to Note 16 for additional information. The increase in accounts and other receivable, net from December 31, 2017 is primarily attributable to the acquisition of Westinghouse and consolidation of Teekay Offshore in our infrastructure services segment during the year ended December 31, 2018 . This accounts for a $795 million movement in accounts receivable as at December 31, 2018 compared to December 31, 2017 . Billing rights primarily represent unbilled rights arising at BRK Ambiental from revenue earned from the construction on public concessions contracts classified as financial assets, which are recognized when there is an unconditional right to receive cash or other financial assets from the concession authority for the construction services. Our construction services business has a retention balance, which is comprised of amounts that have been earned but held back until the satisfaction of certain conditions specified in the contract are met. The retention balance included in the current accounts receivable balance as at December 31, 2018 was $164 million ( 2017 : $125 million ), and the retention balance included in the non-current accounts receivable balance as at December 31, 2018 was $93 million ( 2017 : $111 million ). The amount of accounts and other receivables written down for bad debts was as follows: (US$ MILLIONS) 2018 2017 2016 Loss allowance - beginning $ 40 $ 7 10 Add: increase in allowance 22 39 1 Deduct: bad debt write offs (10 ) (6 ) (3 ) Foreign currency translation (7 ) — (1 ) Loss allowance - ending $ 45 $ 40 $ 7 The increase in loss allowance is primarily attributable to BRK Ambiental for the year ended December 31, 2018 and for December 31, 2017 . |
INVENTORY, NET
INVENTORY, NET | 12 Months Ended |
Dec. 31, 2018 | |
Inventories [Abstract] | |
INVENTORY, NET | INVENTORY, NET (US$ MILLIONS) 2018 2017 Current Raw materials and consumables $ 605 $ 138 Fuel products (1) 490 612 Work in progress 258 94 RTFO certificates (2) 95 193 Finished goods and other (3) 114 31 Carrying amount of inventories $ 1,562 $ 1,068 ____________________________________ (1) Fuel products are traded in active markets and are purchased with a view to resale in the near future. As a result, stocks of fuel products are recorded at fair value based on quoted market prices. (2) $ nil of RTFO certificates are held for trading and recorded at fair value (2017: $60 million ). There is no externally quoted marketplace for the valuation of RTFO certificates. In order to value these contracts, the partnership has adopted a pricing methodology combining both observable inputs based on market data and assumptions developed internally based on observable market activity. (3) Finished goods and other inventory is mainly composed of finished goods and inventory in our infrastructure services and business services segments. The increase in inventory from December 31, 2017 is primarily attributable to the acquisitions of Westinghouse in our infrastructure services segment, and Schoeller Allibert in our industrial operations segment, partially offset by lower inventory at Greenergy. The amount of inventory written down was as follows: (US$ MILLIONS) 2018 2017 2016 Inventory obsolescence provision - beginning $ 4 $ 9 14 Add: increase in provision 22 1 1 Deduct: inventory obsolescence write off (7 ) (6 ) (6 ) Inventory obsolescence provision - ending $ 19 $ 4 $ 9 |
ASSETS HELD FOR SALE
ASSETS HELD FOR SALE | 12 Months Ended |
Dec. 31, 2018 | |
Assets And Liabilities Classified As Held For Sale [Abstract] | |
ASSETS HELD FOR SALE | ASSETS HELD FOR SALE (US$ MILLIONS) 2018 2017 Accounts and other receivable, net 28 — Inventory 6 — Property, plant and equipment 29 14 Assets held for sale $ 63 $ 14 Accounts payable and other $ 9 $ — Liabilities associated with assets held for sale $ 9 $ — Business Services - Real estate brokerage services In April 2018, Berkshire Hathaway exercised an option to acquire the partnership's 33% interest in the joint venture of the real estate brokerage services business, resulting in a $55 million pre-tax gain recognized by the partnership during the second quarter of 2018. Industrial Operations - Infrastructure support products manufacturing business During the year ended December 31, 2018 , our infrastructure support products manufacturing operation sold certain assets and certain land and building for proceeds of $109 million . An associated net gain on disposition of $42 million was recorded for the year ended December 31, 2018 . At December 31, 2018 , our infrastructure support products manufacturing operation has certain asset and liabilities related to plants within the precast operations classified as held for sale. Industrial Operations - Australian energy operations In August 2018, an agreement was reached to sell our equity accounted Australian energy operation, which is equity accounted, by way of a full sale of the associated entity, to an Australian energy company. On November 26, 2018, we completed the sale, resulting in a $152 million pre-tax gain recognized by the partnership. |
OTHER ASSETS
OTHER ASSETS | 12 Months Ended |
Dec. 31, 2018 | |
Subclassifications of assets, liabilities and equities [abstract] | |
OTHER ASSETS | OTHER ASSETS (US$ MILLIONS) 2018 2017 Current Work in progress (1) $ 506 $ 195 Prepayments and other assets 508 235 Total current $ 1,014 $ 430 Non-current Work in progress (1) $ 57 $ — Prepayments and other assets 442 79 Total non-current $ 499 $ 79 ____________________________________ (1) See Note 16 for additional information. The increase in other assets from December 31, 2018 is primarily attributable to the acquisitions in our infrastructure services and industrial operations segments, which account for $998 million of the increase compared to December 31, 2017 . |
NON-WHOLLY OWNED SUBSIDIARIES
NON-WHOLLY OWNED SUBSIDIARIES | 12 Months Ended |
Dec. 31, 2018 | |
Interests In Other Entities [Abstract] | |
NON-WHOLLY OWNED SUBSIDIARIES | NON-WHOLLY OWNED SUBSIDIARIES The following tables present the gross assets and liabilities as well as gross amounts of revenue, net income, other comprehensive income and distributions from the partnership’s investments in material non-wholly owned subsidiaries for the years ended December 31, 2018 , 2017 and 2016 : Year Ended December 31, 2018 Total Profit/(loss) allocated to others ownership interest Distributions to others ownership interest Equity to others ownership interest (US$ MILLIONS) Current assets Non-current assets Current liabilities Non-current liabilities Revenue Profit/(loss) OCI Business services $ 2,413 $ 1,773 $ 3,113 $ 475 $ 25,785 $ (20 ) $ 4 $ (20 ) $ (46 ) $ 424 Infrastructure services 2,889 8,750 2,921 6,208 2,419 282 (121 ) 170 (16 ) 1,534 Industrial operations 1,991 5,656 1,040 4,823 3,894 895 (239 ) 612 (1,542 ) 1,425 Total $ 7,293 $ 16,179 $ 7,074 $ 11,506 $ 32,098 $ 1,157 $ (356 ) $ 762 $ (1,604 ) $ 3,383 Year Ended December 31, 2017 Total Profit/(loss) allocated to others ownership interest Distributions to others ownership interest Equity to others ownership interest (US$ MILLIONS) Current assets Non-current assets Current liabilities Non-current liabilities Revenue Profit/(loss) OCI Business services $ 2,606 $ 1,744 $ 2,774 $ 948 $ 15,676 $ 45 $ 11 $ 35 $ 46 $ 476 Industrial operations 1,095 5,812 904 2,731 1,913 (4 ) 41 4 25 2,338 Total $ 3,701 $ 7,556 $ 3,678 $ 3,679 $ 17,589 $ 41 $ 52 $ 39 $ 71 $ 2,814 Year Ended December 31, 2016 Total Profit/(loss) allocated to others ownership interest Distributions to others ownership interest Equity to others ownership interest (US$ MILLIONS) Current assets Non-current assets Current liabilities Non-current liabilities Revenue Profit/(loss) OCI Business services $ 437 $ 494 $ 402 $ 253 $ 1,347 $ 25 $ 5 $ 15 $ 8 $ 198 Industrial operations 775 2,349 349 1,022 1,491 (323 ) 42 (206 ) 10 1,131 Total $ 1,212 $ 2,843 $ 751 $ 1,275 $ 2,838 $ (298 ) $ 47 $ (191 ) $ 18 $ 1,329 The following table outlines the composition of accumulated non-controlling interest ("NCI") related to the interest of others presented in the partnership's Consolidated Statements of Financial Position: (US$ MILLIONS) 2018 2017 NCI related to material non-wholly owned subsidiaries Business services $ 424 $ 476 Infrastructure services 1,534 — Industrial operations 1,425 2,338 Total NCI in material non-wholly owned subsidiaries $ 3,383 $ 2,814 Total individually immaterial NCI balances 148 212 Total NCI $ 3,531 $ 3,026 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2018 | |
Property, plant and equipment [abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT (US$ MILLIONS) Land Building Machinery and Equipment Mineral Property Assets and Oil and Gas Properties Vessels Others Total Assets Gross Carrying Amount Balance at January 1, 2017 $ 89 $ 163 $ 917 $ 1,623 $ — $ 57 $ 2,849 Additions (cash and non-cash) — 24 105 48 — 18 195 Disposals (cash and non-cash) — — (22 ) (251 ) — (2 ) (275 ) Acquisitions through business combinations (1) 21 211 245 — — 26 503 Transfers and assets reclassified as held for sale (2) (12 ) (3 ) 7 (7 ) — (1 ) (16 ) Net foreign currency exchange differences 5 2 58 103 — 1 169 Balance at December 31, 2017 $ 103 $ 397 $ 1,310 $ 1,516 $ — $ 99 $ 3,425 Additions (cash and non-cash) 1 37 301 64 86 11 500 Disposals (cash and non-cash) (3 ) (5 ) (95 ) (2 ) (19 ) (7 ) (131 ) Acquisitions through business combinations (1) 44 262 801 — 3,738 68 4,913 Transfers and assets reclassified as held for sale (2) (12 ) (2 ) (13 ) 1 (13 ) 1 (38 ) Net foreign currency exchange differences (6 ) (40 ) (81 ) (119 ) — (8 ) (254 ) Balances at December 31, 2018 $ 127 $ 649 $ 2,223 $ 1,460 $ 3,792 $ 164 $ 8,415 Accumulated Depreciation and Impairment Balance at January 1, 2017 $ — $ (29 ) $ (253 ) $ (447 ) $ — $ (24 ) (753 ) Depreciation/depletion/impairment expense — (15 ) (106 ) (17 ) — (13 ) (151 ) Disposals — — 16 35 — 1 52 Transfers and assets reclassified as held for sale (2) — — (4 ) 5 — — 1 Net foreign currency exchange differences — — (17 ) (26 ) — (1 ) (44 ) Balances at December 31, 2017 (3) (4) $ — $ (44 ) $ (364 ) $ (450 ) $ — $ (37 ) $ (895 ) Depreciation/depletion/impairment expense — (28 ) (192 ) (306 ) (182 ) (12 ) (720 ) Disposals — 1 55 — 3 3 62 Transfers and assets reclassified as held for sale (2) — 1 2 — — (1 ) 2 Net foreign currency exchange differences — 5 23 50 — 5 83 Balances at December 31, 2018 (3) (4) $ — $ (65 ) $ (476 ) $ (706 ) $ (179 ) $ (42 ) $ (1,468 ) Net book value December 31, 2017 $ 103 $ 353 $ 946 $ 1,066 $ — $ 62 $ 2,530 December 31, 2018 $ 127 $ 584 $ 1,747 $ 754 $ 3,613 $ 122 $ 6,947 ____________________________________ (1) See Note 3 for additional information. (2) See Note 8 for additional information. (3) Includes accumulated impairment losses of $5 million ( 2017 : $6 million ) for machinery and equipment and $258 million ( 2017 : $57 million ) for oil and gas properties. (4) As at December 31, 2018 a total of $331 million ( 2017 : $745 million ) of future development costs were included in the depletion calculation. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2018 | |
Intangible Assets [Abstract] | |
INTANGIBLE ASSETS | INTANGIBLE ASSETS (US$ MILLIONS) Water and sewage concession agreements Customer relationships Computer software, patents trademarks and proprietary technology Loyalty program Brand Distribution networks and other Total assets Gross Carrying Amount: Balance at January 1, 2017 $ — $ 406 $ 120 $ — $ — $ 28 $ 554 Additions, net 67 1 18 — — 12 98 Acquisitions through business combinations (1) 2,189 376 38 163 — 104 2,870 Disposition (3 ) (59 ) (14 ) — — — (76 ) Net foreign currency exchange differences (100 ) 6 10 — — (2 ) (86 ) Balances at December 31, 2017 $ 2,153 $ 730 $ 172 $ 163 $ — $ 142 $ 3,360 Additions, net 104 2 19 — — 28 153 Acquisitions through business combinations (1) (31 ) 489 2,025 — 414 14 2,911 Disposition (1 ) — (7 ) — — — (8 ) Net foreign currency exchange differences (313 ) (49 ) (26 ) (13 ) (3 ) (11 ) (415 ) Balance at December 31, 2018 $ 1,912 $ 1,172 $ 2,183 $ 150 $ 411 $ 173 $ 6,001 Accumulated Amortization and Impairment Balance at January 1, 2017 $ — $ (133 ) $ (38 ) $ — $ — $ (12 ) $ (183 ) Amortization expense (57 ) (50 ) (15 ) (5 ) — (5 ) (132 ) Net foreign currency exchange differences — (7 ) (2 ) — — — (9 ) Disposal — 49 9 — — — 58 Balance at December 31, 2017 $ (57 ) $ (141 ) $ (46 ) $ (5 ) $ — $ (17 ) $ (266 ) Amortization expense (69 ) (80 ) (75 ) (11 ) (10 ) (4 ) (249 ) Net foreign currency exchange differences 6 18 8 1 — — 33 Disposal 1 — 2 — 1 — 4 Balance at December 31, 2018 $ (119 ) $ (203 ) $ (111 ) $ (15 ) $ (9 ) $ (21 ) $ (478 ) Net book value December 31, 2017 $ 2,096 $ 589 $ 126 $ 158 $ — $ 125 $ 3,094 December 31, 2018 $ 1,793 $ 969 $ 2,072 $ 135 $ 402 $ 152 $ 5,523 ____________________________________ (1) See Note 3 for additional information. The terms and conditions of the water and sewage concession agreements, including fees that can be charged to the users and the duties to be performed by the operator, are regulated by various grantors, the majority of which are municipal governments across Brazil. The concession agreements provide the operator the right to charge fees to users using the services of the operator over the term of the concessions in exchange for water treatment services, ongoing and regular maintenance work on water distributions assets, and improvements to the water treatment and distribution system. Fees are revised annually for inflation in Brazil. The concession arrangements have expiration dates that range from 2037 to 2055 at which point the underlying concessions assets will be returned to the various grantors. The proprietary technology acquired from Westinghouse pertains to developed technology that has the potential to provide competitive advantages and product differentiation. Westinghouse's developed technology is valued using an excess earnings method and a relief-from-royalty method to determine the after-tax cash flows associated to the portfolio of products and processes provided by Westinghouse. The technology includes fuel products, components and services, plant designs, as well as engineering and other services to the owners and operators of power plants. These services consist of production and services, field services, reactor services, pump and motor services and engineering services. The proprietary technology acquired is assessed to have a useful life of 15 years . Customer relationships acquired from Westinghouse pertain to strong and continuing relationships with many of the company's customers within the power generation industry. Due to relatively high barriers to entry, regulatory requirements and the time required to recreate relationship due to the bidding and proposal process within the power generation industry, existing customer relationships Westinghouse has is expected to provide a future source of cash flows. Westinghouse's customer relationships is valued using the cost replacement approach to estimate the cost to recreate the existing customer base. The customer relationships acquired is assessed to have a useful life of up to 25 years . |
GOODWILL
GOODWILL | 12 Months Ended |
Dec. 31, 2018 | |
Intangible Assets [Abstract] | |
GOODWILL | GOODWILL (US$ MILLIONS) 2018 2017 Balance at beginning of year $ 1,554 $ 1,152 Acquisitions through business combinations (1) 957 342 Foreign currency translation (100 ) 60 Balance at end of year $ 2,411 $ 1,554 ____________________________________ (1) See Note 3 for additional information. Goodwill is allocated to the following segments as at December 31, 2018 and 2017 : (US$ MILLIONS) 2018 2017 Business services 1,306 1,368 Infrastructure services 760 — Industrial operations 345 186 Total $ 2,411 $ 1,554 |
EQUITY ACCOUNTED INVESTMENTS
EQUITY ACCOUNTED INVESTMENTS | 12 Months Ended |
Dec. 31, 2018 | |
Interests In Other Entities [Abstract] | |
EQUITY ACCOUNTED INVESTMENTS | EQUITY ACCOUNTED INVESTMENTS The following table presents the ownership interest, voting interest, and carrying values of the partnership's equity accounted investments as at December 31, 2018 and 2017 : (US$ MILLIONS) Economic interest Voting interest Carrying value 2018 2017 2018 2017 2018 2017 Business services 13%-90% 28%-90% 13%-90% 28%-90% $ 130 $ 213 Infrastructure services 25%-50% 25 % 25%-50% 60 % 338 201 Industrial operations 24%-50% 14%-50% 24%-50% 29%-50% 73 195 Total $ 541 $ 609 The following table represents the change in the balance of equity accounted investments: (US$ MILLIONS) 2018 2017 Balance at beginning of year $ 609 $ 166 Adoption of new accounting standards (7 ) — Acquisitions through business combinations (1) 310 231 Additions (2) 267 208 Dispositions (3) (599 ) — Share of net income 10 69 Share of other comprehensive income (1 ) (5 ) Distributions received (29 ) (59 ) Foreign currency translation (19 ) (1 ) Balance at end of period $ 541 $ 609 ____________________________________ (1) See Note 3 for additional information. (2) Includes non-cash additions related to the consolidation of our equity accounted investment in Teekay Offshore (3) Dispositions of equity accounted investments in 2018 relates to the consolidation of Teekay Offshore, the sale of our Western Australia energy operations and the sale of our real estate brokerage business. On January 23, 2018, together with institutional partners, we closed in partnership with our operating partner, our transaction to operate and manage three entertainment facilities in the Greater Toronto Area for a minimum period of 22 years . Prior to July 3, 2018, the partnership, together with institutional investors, had a 60% economic interest in Teekay Offshore Partners LP and a 49% voting interest in Teekay Offshore's General Partner. The 60% economic interest in Teekay Offshore was accounted for using the equity method. On July 3, 2018, the partnership, together with institutional investors, exercised its general partner option to acquire an additional 2% voting interest in Teekay Offshore GP, in exchange of one million of warrants and began consolidating the business. As a result, the partnership recorded a disposition of the equity accounted investment of Teekay Offshore and began consolidating the equity accounted investments held by Teekay Offshore. For the year ended December 31, 2018 , the partnership received total distributions from equity accounted investments of $ 29 million , including a distribution of $15 million from our Western Australian energy operation within our industrial operations segment. The following tables present the gross assets and liabilities of the partnership's equity accounted investments: Year Ended December 31, 2018 Total Attributable to (US$ MILLIONS) Current assets Non-current assets Total assets Current liabilities Non-current liabilities Total liabilities Total net assets Other ownership interests Partnership's share (1) Business services $ 575 $ 478 $ 1,053 $ 451 $ 229 $ 680 $ 373 $ 219 $ 154 Infrastructure services 205 1,359 1,564 179 747 926 638 319 319 Industrial operations 38 277 315 26 136 162 153 78 75 Total $ 818 $ 2,114 $ 2,932 $ 656 $ 1,112 $ 1,768 $ 1,164 $ 616 $ 548 Year Ended December 31, 2017 Total Attributable to (US$ MILLIONS) Current assets Non-current assets Total assets Current liabilities Non-current liabilities Total liabilities Total net assets Other ownership interests Partnership's share (1) Business services $ 359 $ 499 $ 858 $ 354 $ 262 $ 616 $ 242 $ 94 $ 148 Infrastructure services 488 4,523 5,011 978 3,197 4,175 836 626 210 Industrial operations 355 4,260 4,615 415 3,393 3,808 807 649 158 Total $ 1,202 $ 9,282 $ 10,484 $ 1,747 $ 6,852 $ 8,599 $ 1,885 $ 1,369 $ 516 ____________________________________ (1) Attributable to limited partner and redemption-exchange unitholders. Certain of the partnership's equity accounted investments are subject to restrictions over the extent to which they can remit funds to the partnership in the form of cash dividends, or repayments of loans and advances as a result of borrowing arrangements, regulatory restrictions and other contractual requirements. The following tables present the gross amounts of revenue, net income, other comprehensive income and distributions from the partnership's equity accounted investments for the year ended December 31, 2018 , 2017 and 2016 : Year Ended December 31, 2018 Total Attributable to other ownership interests Attributable to partnership (US$ MILLIONS) Revenue Net income OCI Total Comprehensive income Distributions Comprehensive income Distributions Business services $ 605 $ 102 $ (15 ) $ 87 $ 85 $ 7 $ 2 $ 10 Infrastructure services 828 (31 ) 2 (29 ) (25 ) 9 (4 ) 4 Industrial operations 445 62 (18 ) 44 34 86 10 15 Total $ 1,878 $ 133 $ (31 ) $ 102 $ 94 $ 102 $ 8 $ 29 Year Ended December 31, 2017 Total Attributable to other ownership interests Attributable to partnership (US$ MILLIONS) Revenue Net income OCI Total Comprehensive income Distributions Comprehensive income Distributions Business services $ 397 $ 81 $ — $ 81 $ 54 $ 45 $ 27 $ 22 Infrastructure services 301 (25 ) 2 (23 ) (17 ) 3 (6 ) 1 Industrial operations 811 327 (40 ) 287 244 169 43 36 Total $ 1,509 $ 383 $ (38 ) $ 345 $ 281 $ 217 $ 64 $ 59 Year Ended December 31, 2016 Total Attributable to other ownership interests Attributable to partnership (US$ MILLIONS) Revenue Net income OCI Total Comprehensive income Distributions Comprehensive income Distributions Business services $ 403 $ 49 $ — $ 49 $ 32 $ 38 $ 17 $ 20 Industrial operations 941 99 (138 ) (39 ) (35 ) 17 (4 ) 5 Total $ 1,344 $ 148 $ (138 ) $ 10 $ (3 ) $ 55 $ 13 $ 25 One of the partnership's equity accounted investments is a publicly listed entity with active pricing in a liquid market. The fair value based on the publicly listed price in comparison to the partnership's carrying value is as follows: December 31, 2018 December 31, 2017 (US$ MILLIONS) Public price Carrying value Public price Carrying value Business services $ 36 $ — $ 44 $ — Infrastructure services — — 242 201 Total $ 36 $ — $ 286 $ 201 |
ACCOUNTS PAYABLE AND OTHER
ACCOUNTS PAYABLE AND OTHER | 12 Months Ended |
Dec. 31, 2018 | |
Subclassifications of assets, liabilities and equities [abstract] | |
ACCOUNTS PAYABLE AND OTHER | ACCOUNTS PAYABLE AND OTHER (US$ MILLIONS) 2018 2017 Current: Accounts payable $ 1,819 $ 1,451 Accrued and other liabilities (1) (2) 3,498 2,992 Work in progress (3) 1,637 341 Provisions and decommissioning liabilities 234 81 Total current $ 7,188 $ 4,865 Non-current: Accounts payable $ 97 $ 113 Accrued and other liabilities (2) 1,206 435 Work in progress (3) 71 86 Provisions and decommissioning liabilities (4) 520 139 Total non-current $ 1,894 $ 773 ____________________________________ (1) Includes bank overdrafts of $581 million as at December 31, 2018 (2017: $581 million ). (2) Includes defined benefit pension obligation of $500 million ( $12 million current and $488 million non-current) and post-retirement benefits obligation of $67 million ( $5 million current and $62 million non-current) as at December 31, 2018 . (3) See Note 16 for additional information. (4) Decommissioning liability results primarily from the partnership's ownership interest in oil and natural gas wells and facilities, mining facilities, retail gas stations, a services provider to the offshore oil production industry and power generation services. The liability represents the estimated cost to reclaim and abandon the asset and takes into account the estimated timing of the cost to be incurred in future periods. The liability was determined using a risk rate between 1.9% and 8.5% ( 2017 : 1.7% and 8.5% ) and an inflation rate between 1.9% and 3% ( 2017 : 1.4% and 2% ), determined as appropriate for the underlying subsidiaries. The increase in accounts payable and other from December 31, 2017 is primarily attributable to the acquisitions of Westinghouse and Schoeller Allibert, as well as the consolidation of Teekay Offshore combined with an increase at Graftech and partially offset by lower trade payables at Greenergy. The partnership's exposure to currency and liquidity risk related to accounts payables is disclosed in Note 26. The following table presents the change in the provision balances for the partnership: (US$ MILLIONS) Decommissioning liability Provisions for defects Other Total provisions Balance at January 1, 2017 $ 134 $ 47 $ 22 $ 203 Additional provisions recognized 8 12 77 97 Reduction arising from payments/derecognition (2 ) (17 ) (15 ) (34 ) Accretion expenses 7 — — 7 Change in discount rate (51 ) — — (51 ) Change in other estimates (14 ) — (3 ) (17 ) Net foreign currency exchange differences 11 3 1 15 Balance at December 31, 2017 $ 93 $ 45 $ 82 $ 220 Additions through business combinations (1) 193 — 388 581 Additional provisions recognized — 11 62 73 Reduction arising from payments/derecognition (5 ) (10 ) (137 ) (152 ) Accretion expenses 8 — 1 9 Change in discount rate (1 ) — — (1 ) Change in other estimates 31 2 10 43 Net foreign currency exchange differences (8 ) (3 ) (8 ) (19 ) Balance at December 31, 2018 $ 311 $ 45 $ 398 $ 754 ____________________________________ (1) Includes provisions for site restoration, legal fees, and reserves for contract loss attributable to the acquisition of Westinghouse and consolidation of Teekay Offshore in our Infrastructure Services business. |
CONTRACTS IN PROGRESS
CONTRACTS IN PROGRESS | 12 Months Ended |
Dec. 31, 2018 | |
Construction Contracts [Abstract] | |
CONTRACTS IN PROGRESS | CONTRACTS IN PROGRESS A summary of the partnership's contracts in progress are below: (US$ MILLIONS) 2018 2017 2016 Contract costs incurred to date $ 20,455 $ 12,129 $ 9,761 Profit recognized to date (less recognized losses) 1,946 558 498 22,401 12,687 10,259 Less: progress billings (23,546 ) (12,919 ) (10,189 ) Contract work in progress (liability) $ (1,145 ) $ (232 ) $ 70 Comprising: Amounts due from customers — work in progress (1) $ 563 $ 195 $ 309 Amounts due to customers — creditors (2) (1,708 ) (427 ) (239 ) Net work in progress $ (1,145 ) $ (232 ) $ 70 ____________________________________ (1) The change in the balance from December 31, 2017 was due to billed amounts of $1,446 million , additions to work in progress of $1,340 million , acquisitions through business combinations of $490 million , and the remainder due to foreign exchange changes. (2) The change in the balance from December 31, 2017 was due to recognized revenue of $1,828 million , additions to work in progress of $1,974 million , acquisitions through business combinations of $1,168 million , and the remainder due to foreign exchange changes. |
BORROWINGS
BORROWINGS | 12 Months Ended |
Dec. 31, 2018 | |
Financial Instruments [Abstract] | |
BORROWINGS | BORROWINGS. (US$ MILLIONS) Business Services Infrastructure Services Industrial Operations Total Borrowings 2019 $ 797 $ 713 $ 309 $ 1,819 2020 22 359 622 1,003 2021 27 313 452 792 2022 177 602 207 986 2023 72 507 227 806 Thereafter 133 3,254 2,073 5,460 Total - December 31, 2018 $ 1,228 $ 5,748 $ 3,890 $ 10,866 Total - December 31, 2017 $ 1,190 $ — $ 2,075 $ 3,265 (a) Corporate borrowings As at December 31, 2018 , corporate borrowings included the credit agreement with Brookfield ("Brookfield Credit Agreements"), as described in Note 1(b)(iii) which comprises of one revolving credit facility that permits borrowings of up to $500 million for purposes of funding acquisitions and investments. As at December 31, 2018 , the credit facility under the Brookfield Credit Agreements remain undrawn. The partnership has a credit facility with a group of Canadian and American banks for an aggregate facility of $825 million , with a maturity date to August 2021. The credit facility is available in Euros, Sterling, Australian or U.S. or Canadian dollars, and advances bear interest at the specified LIBOR, EURIBOR, CDOR, BBSY or bankers' acceptance rate plus 2.50% , or the specified base rate or prime rate plus 1.50% . As at December 31, 2018 , the facility remains undrawn and the partnership was in compliance with all covenants. (b) Non-recourse subsidiary borrowings Total current and non-current borrowings as at December 31, 2018 were $10,866 million ( December 31, 2017 : $3,265 million ). The increase of $7,601 million compared to December 31, 2017 is primarily attributable to the acquisitions of businesses within our infrastructure services segment as well as the senior secured term loan put in place at GrafTech. Some of the partnership's businesses have credit facilities in which they borrow and repay on a monthly basis. This movement has been shown on a net basis in the partnership's consolidated statements of cash flow. The partnership has credit facilities within its operating businesses with major financial institutions. The credit facilities are primarily composed of revolving term credit facilities and revolving operating facilities with variable interest rates. In certain cases, the facilities may have financial covenants which are generally in the form of interest coverage ratios and leverage ratios. One of the partnership's real estate services businesses within our business services segment has a securitization program under which it transfers an undivided co-ownership interest in eligible receivables on a fully serviced basis, for cash proceeds, at their fair value under the terms of the agreement. While the sale of the co-ownership interest is considered a legal sale, the partnership has determined that the asset derecognition criteria has not been met as substantially all risk and rewards of ownership are not transferred. Our operations are currently in compliance with or have obtained waivers related to all material covenant requirements of their term loans and credit facilities. The weighted average interests rates of borrowings are as follows: (US$ MILLIONS) Weighted Average Rate Weighted Average Term Consolidated 2018 2017 2018 2017 2018 2017 Business Services 5.11 % 4.06 % 2.47 3.07 $ 1,228 $ 1,190 Infrastructure Services 6.16 % 2.97 % 6.14 1.55 5,748 — Industrial Operations 7.31 % 9.22 % 6.66 7.05 3,890 $ 2,075 Corporate and Others — % — % 0 0 — — Total 6.45 % 7.33 % 5.93 5.60 $ 10,866 $ 3,265 Borrowings by currency are as follows: (US$ MILLIONS, except as noted) December 31, Local Currency December 31, Local Currency Australian dollars $ 5 7 $ — — British pounds 33 26 46 36 U.S. dollars 8,605 8,605 974 974 Canadian dollars 786 1,073 936 1,090 Euro 264 231 17 14 Brazilian reais 1,135 4,399 1,292 4,271 Other 38 175 — 2 Total $ 10,866 $ 3,265 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2018 | |
Income Taxes [Abstract] | |
INCOME TAXES | INCOME TAXES Income taxes are recognized for the amount of taxes payable by the partnership's corporate subsidiaries and for the impact of deferred income tax assets and liabilities related to such subsidiaries. The major components of income tax expense include the following for the years ended December 31 : (US$ MILLIONS) 2018 2017 2016 Current income tax expense/(recovery) $ 186 $ 30 $ 25 Deferred income tax expense/(recovery): Origination and reversal of temporary differences (61 ) (14 ) (32 ) Recovery arising from previously unrecognized tax assets (27 ) (10 ) (8 ) Change of tax rates and imposition of new legislations — 2 (1 ) Total deferred income taxes (88 ) (22 ) (41 ) Income taxes $ 98 $ 8 $ (16 ) The below reconciliation has been prepared using a composite statutory-rate for jurisdictions where our partnership's subsidiaries operate. The partnership's effective tax rate is different from our partnership's composite income tax rate due to the following differences set out below: 2018 2017 2016 Composite income tax rate 27 % 27 % 27 % Increase (reduction) in rate resulting from: Portion of gains subject to different tax rates (1 ) (6 ) (1 ) International operations subject to different tax rates (16 ) 5 3 Taxable income attributable to non-controlling interest (3 ) (18 ) 6 Recognition of deferred tax assets (2 ) (5 ) 2 Non-recognition of the benefit of current year's tax losses 1 (1 ) (29 ) Other 2 1 (1 ) Effective income tax rate 8 % 3 % 7 % Deferred income tax assets and liabilities as at December 31, 2018 and 2017 relate to the following: (US$ MILLIONS) December 31, 2018 December 31, 2017 Non-capital losses (Canada) $ 28 $ 83 Capital losses (Canada) — — Losses (U.S.) 72 7 Losses (International) 78 122 Difference in basis (765 ) (875 ) Total net deferred tax (liability)/asset $ (587 ) $ (663 ) Reflected in the statement of financial position as follows: Deferred income tax assets 280 174 Deferred income tax liabilities (867 ) (837 ) Total net deferred tax (liability)/asset $ (587 ) $ (663 ) The deferred income tax movements are as follows: (US$ MILLIONS) December 31, 2018 December 31, 2017 Opening net deferred tax (liability)/asset $ (663 ) $ 30 Recognized in income 88 22 Recognized in other comprehensive income (2 ) — Recognized in other (1) (10 ) (715 ) Net deferred tax (liability)/asset $ (587 ) $ (663 ) ____________________________________ (1) The Other category primarily relates to adjustments made to our partnership's equity related to acquisitions and dispositions and the foreign exchange impact of the deferred tax asset calculated in the functional currency of the operating entities. The following table details the expiry date, if applicable, of the unrecognized deferred tax assets: (US$ MILLIONS) December 31, 2018 December 31, 2017 2019 $ 10 $ — 2020 — 1 2021 1 272 2022 and after 322 — Do not expire 587 47 Total $ 920 $ 320 The components of the income taxes in other comprehensive income for the years ended December 31, 2018 , 2017 , and 2016 are set out below: (US$ MILLIONS) 2018 2017 2016 Fair value through OCI $ (3 ) $ (1 ) $ 1 Net investment hedges 13 (8 ) 3 Cash flow hedges (6 ) 10 (3 ) Equity accounted investments — (1 ) (7 ) Pension plan actuarial changes (2 ) — — Total deferred tax expense (recovery) in other comprehensive income $ 2 $ — $ (6 ) For the year ended December 31, 2018 , total current tax expense of $49 million ( 2017 : $ nil ) attributed to the current tax on disposition of subsidiaries for which control has been retained has been recorded to equity. |
EQUITY
EQUITY | 12 Months Ended |
Dec. 31, 2018 | |
Equity [abstract] | |
EQUITY | EQUITY As at December 31, 2018 , Brookfield Business Partners L.P.'s capital structure was comprised of two classes of partnership units; limited partnership units and general partnership units. Limited partnership units entitle the holder to their proportionate share of distributions. General partnership units entitle the holder the right to govern the financial and operating policies of Brookfield Business Partners L.P. The general partnership units are not quantitatively material to the financial statements and therefore have not been separately presented on the consolidated statements of financial position. Holding LP's capital structure is comprised of three classes of partnership units: managing general partner units held by Brookfield Business Partners L.P., special limited partner units held by Brookfield and redemption-exchange units held by Brookfield. In its capacity as the holder of the special limited partner units of the Holding LP, the special limited partner is entitled to incentive distribution rights which are based on a 20% increase in the unit price of the partnership over an initial threshold based on the volume-weighted average price of the units, subject to a high water mark. Distributions of $278 million were declared during the year ended December 31, 2018 ( December 31, 2017 : $142 million ). This related to an aggregate increase of $10.77 /unit during the year ended December 31, 2018 from $31.19 /unit to $41.96 /unit. The threshold was reset to $41.96 /unit. Holding LP has issued 63 million redemption-exchange units to Brookfield. Both the L.P. and G.P. units issued by Brookfield Business Partners L.P. and the redemption-exchange units issued by the Holding LP have the same economic attributes in all respects, except for the redemption right described in Note 1(b)(i). As part of the spin-off, Brookfield subscribed for $15 million of preferred shares and $250 million of limited partnership units. The rights of the preferred shareholders are described in Note 1(b)(ii). For the year ended December 31, 2018 , the partnership distributed dividends to limited partner, general partner and redemption-exchange unitholders of $32 million , or approximately $0.25 per partnership unit (2017: $31 million ). For the year ended December 31, 2018 , the partnership distributed to others who have interests in the operating subsidiaries $2,370 million , primarily resulting from the dividends received from our graphite electrode manufacturing business (2017: $388 million ). Equity offering On September 26, 2017, the partnership issued 13,340,000 limited partnership units at $30 per unit, for gross proceeds of approximately $400 million before $8 million in equity issuance costs. Concurrently, Holding LP issued approximately 6,945,000 redemption-exchange units to Brookfield for proceeds of approximately $200 million . The equity offering resulted in a decrease in Brookfield’s ownership in the partnership from 75% to 69% , before giving effect to the over-allotment option. On October 26, 2017, the underwriters for the public offering of the limited partnership units that closed on September 26, 2017 purchased an additional 1,000,500 limited partnership units at a price of $30 per unit, pursuant to the exercise of the underwriter's over-allotment option. The partnership received additional gross proceeds of approximately $30 million from the over-allotment option before approximately $1 million in equity issuance costs. This resulted in a decrease in Brookfield's ownership of the partnership to 68% . (a) General and Limited Partnership Units General and limited partnership units outstanding are as follows: General Partner Units Limited Partnership Units Total UNITS 2018 2017 2018 2017 2018 2017 Authorized and issued Opening balance 4 4 66,185,798 51,845,298 66,185,802 51,845,302 Issued for cash — — — 14,340,500 — 14,340,500 On issue at December 31 4 4 66,185,798 66,185,798 66,185,802 66,185,802 The weighted average number of general partner units outstanding for the year ended December 31, 2018 was 4 ( 2017 : 4 ). The weighted average number of limited partnership units outstanding for the year ended December 31, 2018 was 66 million ( 2017 : 55.5 million ). (b) Redemption-Exchange Units held by Brookfield Redemption-Exchange Units held by Brookfield UNITS 2018 2017 Authorized and issued Opening balance 63,095,497 56,150,497 Issued for cash — 6,945,000 On issue at December 31 63,095,497 63,095,497 The weighted average number of redemption-exchange units outstanding for the year ended December 31, 2018 was 63 million ( 2017 : 58 million ). (c) Special Limited Partner Units held by Brookfield Special Limited Partner Units held by Brookfield UNITS 2018 2017 Authorized and issued Opening balance 4 4 On issue at December 31 4 4 The weighted average number of special limited partner units outstanding for the year ended December 31, 2018 was 4 ( 2017 : 4 ). (d) Preferred Shares held by Brookfield Preferred Shares held by Brookfield UNITS 2018 2017 Authorized and issued Opening balance 200,002 200,002 On issue at December 31 200,002 200,002 Earnings per limited partner unit Net income attributable to limited partnership unitholders was $74 million for the year ended December 31, 2018 ( 2017 : net loss $58 million ). |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of analysis of other comprehensive income by item [abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME | ACCUMULATED OTHER COMPREHENSIVE INCOME (a) Attributable to Limited Partners (US$ MILLIONS) Foreign currency translation Fair value through OCI Other (1) Accumulated other comprehensive income (loss) Balance as at January 1, 2018 $ (111 ) $ 6 $ (7 ) $ (112 ) Other comprehensive income (loss) (71 ) 3 (5 ) (73 ) Ownership changes — — (1 ) (1 ) Balance as at December 31, 2018 $ (182 ) $ 9 $ (13 ) $ (186 ) ____________________________________ (1) Represents net investment hedges, cash flow hedges and other reserves. (US$ MILLIONS) Foreign currency translation Available for sale Other (1) Accumulated other comprehensive income (loss) Balance as at January 1, 2017 $ (148 ) $ 4 $ 3 $ (141 ) Other comprehensive income (loss) 37 2 (10 ) 29 Balance as at December 31, 2017 $ (111 ) $ 6 $ (7 ) $ (112 ) ____________________________________ (1) Represents net investment hedges, cash flow hedges and other reserves. (US$ MILLIONS) Foreign currency translation Available for sale Other (1) Accumulated other comprehensive income (loss) Balance as at January 1, 2016 $ — $ — $ — $ — Other comprehensive income (loss) (21 ) 13 — (8 ) Ownership changes — — (2 ) (2 ) Unit issuance / reorganization (127 ) (9 ) 5 (131 ) Balance as at December 31, 2016 $ (148 ) $ 4 $ 3 $ (141 ) ____________________________________ (1) Represents net investment hedges, cash flow hedges and other reserves. (b) Attributable to General Partner and Special Limited Partners Accumulated other comprehensive income attributable to general partner and special limited partners has not been disclosed as collectively these partners hold 8 units, thus the figures are immaterial. (c) Attributable to Non-controlling interest — Redemption-Exchange Units held by Brookfield Asset Management Inc. (US$ MILLIONS) Foreign currency translation Fair value through OCI Other (1) Accumulated other comprehensive income (loss) Balance as at January 1, 2018 $ (165 ) $ 4 $ (4 ) $ (165 ) Other comprehensive income (loss) (67 ) 3 (5 ) (69 ) Ownership changes — — (1 ) (1 ) Balance as at December 31, 2018 $ (232 ) $ 7 $ (10 ) $ (235 ) ____________________________________ (1) Represents net investment hedges, cash flow hedges and other reserves. (US$ MILLIONS) Foreign currency translation Available for sale Other (1) Accumulated other comprehensive income (loss) Balance as at January 1, 2017 $ (205 ) $ 2 $ 6 $ (197 ) Other comprehensive income (loss) 40 2 (10 ) 32 Balance as at December 31, 2017 $ (165 ) $ 4 $ (4 ) $ (165 ) ____________________________________ (1) Represents net investment hedges, cash flow hedges and other reserves. (US$ MILLIONS) Foreign currency translation Available for sale Other (1) Accumulated other comprehensive income (loss) Balance as at January 1, 2016 $ — $ — $ — $ — Other comprehensive income (loss) (24 ) 15 1 (8 ) Ownership changes — — (2 ) (2 ) Unit issuance / reorganization (181 ) (13 ) 7 (187 ) Balance as at December 31, 2016 $ (205 ) $ 2 $ 6 $ (197 ) ____________________________________ (1) Represents net investment hedges, cash flow hedges and other reserves. (d) Attributable to Brookfield Asset Management Inc. (US$ MILLIONS) Foreign currency translation Available for sale Other (1) Accumulated other comprehensive income (loss) Balance as at January 1, 2016 $ (358 ) $ (35 ) $ 33 $ (360 ) Other comprehensive income (loss) 53 13 (16 ) 50 Net increase/decrease in parent company investment (3 ) — (5 ) (8 ) Balance as at Unit issuance/reorganization 308 22 (12 ) 318 Balance as at December 31, 2016 $ — $ — $ — $ — ____________________________________ (1) Represents net investment hedges, cash flow hedges and other reserves. |
DIRECT OPERATING COSTS
DIRECT OPERATING COSTS | 12 Months Ended |
Dec. 31, 2018 | |
Analysis of income and expense [abstract] | |
DIRECT OPERATING COSTS | DIRECT OPERATING COSTS The partnership has no key employees or directors and does not remunerate key management personnel. Details of the allocations of costs incurred by Brookfield on behalf of our partnership are disclosed in Note 24. Key decision makers of the partnership are all employees of the ultimate parent company or its subsidiaries, which provides management services under the master services agreement with Brookfield. Direct operating costs include all attributable expenses except interest, depreciation and amortization, impairment expense, other expenses, and taxes and primarily relate to cost of sales and compensation. The following table lists direct operating costs for the year ended 2018 , 2017 , and 2016 by nature: (US$ MILLIONS) 2018 2017 2016 Cost of sales $ 31,539 $ 20,276 $ 6,021 Compensation 2,530 1,568 1,346 Property taxes, sales taxes and other 65 32 19 Total $ 34,134 $ 21,876 $ 7,386 Inventories recognized as cost of sales for the year ended December 31, 2018 amounted to $21,421 million ( 2017 : $12,701 million , 2016 : $1,017 million ). |
GUARANTEES AND CONTINGENCIES
GUARANTEES AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2018 | |
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | |
GUARANTEES AND CONTINGENCIES | GUARANTEES AND CONTINGENCIES In the normal course of operations, the partnership's operating subsidiaries have bank guarantees, insurance bonds and letters of credit outstanding to third parties. As at December 31, 2018 the total outstanding amount was $1,744 million ( 2017 : $1,614 million ). The partnership does not conduct its operations, other than those of equity accounted investments, through entities that are not consolidated in these financial statements, and has not guaranteed or otherwise contractually committed to support any material financial obligations not reflected in these financial statements. The partnership and its subsidiaries are contingently liable with respect to litigation and claims that arise in the normal course of operations. It is not expected that any of the ongoing litigation and claims as at December 31, 2018 could result in a material settlement liability to our partnership. Escrow and Trust Deposits As a service to its customers, two of the partnership's operating subsidiaries administer escrow and trust deposits which represent undisbursed amounts received for the settlement of certain transactions. These escrow and trust deposits as at December 31, 2018 totaled $86 million ( 2017 : $96 million ). These escrow and trust deposits are not assets of the partnership and, therefore, are excluded from the accompanying consolidated statements of financial position. However, the partnership remains contingently liable for the disposition of these deposits. |
CONTRACTUAL COMMITMENTS
CONTRACTUAL COMMITMENTS | 12 Months Ended |
Dec. 31, 2018 | |
Contractual Commitments [Abstract] | |
CONTRACTUAL COMMITMENTS | CONTRACTUAL COMMITMENTS (a) Commitments In the normal course of business, the partnership will enter into contractual obligations which relate to the gathering, processing and transportation delivery agreements for oil and gas products. Also, in the normal course of business, the partnership will enter into supply agreements for raw materials and capital items. As at December 31, 2018 our partnership had $282 million ( 2017 : $201 million ) of such commitments outstanding in our industrial operations. Within our infrastructure services business the partnership had $768 million in contractual commitments in the form of shipbuilding contracts attributable to the acquisition of Teekay Offshore. Finally, in the normal course of business, the partnership will enter into contractual obligations which relate primarily to expenditures on property, plant and equipment, and intangible assets. As at December 31, 2018 , the partnership had $ nil ( 2017 : $17 million ) of such commitments attributable to our road fuel distribution business. (b) Obligations under finance leases As at December 31, 2018 the minimum lease payments for the partnership's assets under finance lease are as follows: (US$ MILLIONS) 1 Year 2-5 Years 5+ Years Total Minimum lease payments $ 12 $ 32 $ 16 $ 60 Total finance lease obligations $ 12 $ 32 $ 16 $ 60 (c) Obligations under operating leases As at December 31, 2018 the minimum lease payments for the partnership's assets under operating lease are as follows: (US$ MILLIONS) 1 Year 2-5 Years 5+ Years Total Minimum lease payments $ 225 $ 484 $ 536 $ 1,245 Total operating lease obligations $ 225 $ 484 $ 536 $ 1,245 Lease expenses recognized during the year ended December 31, 2018 totaled $594 million ( 2017 : $125 million , 2016 : $48 million ). |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2018 | |
Related Party [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS In the normal course of operations, the partnership entered into the transactions below with related parties on exchange value. These transactions have been measured at fair value and are recognized in the financial statements. (a) Corporate allocations and parent company’s investment As discussed in Note 2(a), prior to the spin-off, general corporate expenses of Brookfield were allocated to our partnership. General corporate expenses allocated to our partnership for the year ended December 31, 2018 were $ nil ( 2017 : $ nil , 2016 : $6 million ). (b) Transactions with the parent company As at December 31, 2018 , $nil ( 2017 : $ nil ) was drawn on the credit facilities under the Brookfield Credit Agreements. As described in Note 1(b)(iv), at the time of the spin-off, the partnership entered into a Deposit Agreement with Brookfield. From time to time, the partnership may place funds on deposit with Brookfield. The deposit balance is due on demand and earns a market rate interest. As at December 31, 2018 , $244 million ( 2017 : $384 million ) was on deposit in relation to this agreement and was included in cash and cash equivalents. For the year ended December 31, 2018 , the partnership earned interest income of $12 million ( 2017 : $6 million , 2016 : $1 million ) on these deposits. As described in Note 1(b)(iv), at the time of the spin-off, the partnership entered into a Master Services Agreement with its Service Providers, which are wholly-owned subsidiaries of Brookfield. For purposes of calculating the base management fee, the total capitalization of Brookfield Business Partners L.P. is equal to the quarterly volume-weighted average trading price of a unit on the principal stock exchange for the partnership units (based on trading volumes) multiplied by the number of units outstanding at the end of the quarter (assuming full conversion of the redemption-exchange units into units of Brookfield Business Partners L.P.), plus the value of securities of the other Service Recipients that are not held by the partnership, plus all outstanding third party debt with recourse to a Service Recipient, less all cash held by such entities. The base management fee for the year ended December 31, 2018 was $56 million ( 2017 : $33 million , 2016 : $12 million ). In its capacity as the holder of the special limited partner (“Special LP”) units of Holding LP, Brookfield is entitled to incentive distribution rights. The total incentive distribution for the year ended December 31, 2018 was $278 million ( 2017 : $142 million , 2016 : $nil). The partnership previously entered into a number of hedges of net investments in foreign operations with Brookfield, all of which were settled as as December 31, 2017 . For the year ended December 31, 2018 , unrealized gains were $ nil ( 2017 : $ nil ; 2016 : $9 million ). In addition, at the time of spin-off, the partnership entered into indemnity agreements with Brookfield that relate to certain projects in certain regions that were in place prior to the spin-off. Under these indemnity agreements, Brookfield has agreed to indemnify us for the receipt of payments relating to such projects. (c) Other The following table summarizes other transactions the partnership has entered into with related parties: Year Ended December 31, (US$ MILLIONS) 2018 2017 2016 Transactions during the period (1) Business services revenues $ 435 $ 358 $ 367 ____________________________________ (1) Within our business services segment, the partnership provides construction services and real estate financial advisory services to affiliates of Brookfield. (US$ MILLIONS) December 31, 2018 December 31, 2017 Balances at end of period: Accounts receivable $ 63 $ 64 Accounts payable and other $ 63 $ 106 Equity in net assets attributable to parent company "Net increase (decrease) in Brookfield Asset Management Inc. investment" as shown in the consolidated statements of changes in equity represent the parent company's historical investment in our partnership, accumulated net income and the net effect of the transactions and allocations from the parent company. The total net effect of transactions with the parent company is reflected in the consolidated statements of cash flow as a financing activity and in the consolidated statements of financial position as "Equity in net assets attributable to parent company". All significant intercompany transactions between the partnership and the parent company have been considered to be forgiven at the time the transaction is recorded and reflected as "net increase (decrease) in Brookfield Asset Management Inc. investment". |
FINANCIAL RISK MANAGEMENT
FINANCIAL RISK MANAGEMENT | 12 Months Ended |
Dec. 31, 2018 | |
Financial Instruments [Abstract] | |
FINANCIAL RISK MANAGEMENT | FINANCIAL RISK MANAGEMENT The partnership recognizes that risk management is an integral part of good management practice. As a result of holding financial instruments, the partnership is exposed to the following risks: capital risk, commodity price risk, liquidity risk, market risk (i.e. interest rate risk and foreign currency risk), and credit risk. The following is a description of these risks and how they are managed: (a) Capital Risk Management The capital structure of our partnership consists of debt, offset by cash and equity. (US$ MILLIONS) 2018 2017 Corporate borrowings $ — $ — Non-recourse subsidiary borrowings 10,866 3,265 Cash (1,949 ) (1,106 ) Net debt 8,917 2,159 Total equity 6,494 6,064 Total capital and net debt $ 15,411 $ 8,223 Net debt to capitalization ratio 58 % 26 % The partnership manages its debt exposure by financing its operations with non-recourse subsidiary borrowings, ensuring a diversity of funding sources as well as managing its maturity profile. The partnership also borrows in the currencies where its subsidiaries operate, where possible, in order to mitigate its currency risk. The partnership’s financing plan is to fund its recurring growth capital expenditures with cash flow generated by its operations after maintenance capital expenditure, as well as debt financing that is sized to maintain its credit profile. To fund large scale development projects and acquisitions, the partnership will evaluate a variety of capital sources including proceeds from selling non-core and mature assets, equity and debt financing. The partnership will seek to raise additional equity if the partnership believes it can earn returns on these investments in excess of the cost of the incremental partnership capital. As disclosed within Note 17, the partnership has various credit facilities in place. In certain cases, the facilities have financial covenants which are generally in the form of interest coverage ratios, leverage ratios and minimum equity or liquidity requirements. The partnership does not have any market capitalization covenants attached to any of its borrowings, nor does it have any other externally imposed capital requirements. (b) Commodity Price Ris k Management Commodity price risk is the risk that the fair value of financial instruments will fluctuate as a result of changes in commodity prices. Certain of the partnership’s operating subsidiaries are exposed to commodity price risk. A 10 basis point increase or decrease in commodity prices, as it relates to financial instruments, is not expected to have a material impact on the partnership’s net income. (c) Liquidity Risk Management The partnership maintains sufficient financial liquidity to be able to meet ongoing operating requirements and to be able to participate in acquisitions. Principal liquidity needs for the next year include funding recurring expenses, meeting debt service payments, funding required capital expenditures and funding acquisition opportunities as they arise. The operating subsidiaries of the partnership also generate liquidity by accessing capital markets on an opportunistic basis. The following tables detail the contractual maturities for the partnership’s financial liabilities. The tables reflect the undiscounted cash flows of financial liabilities based on the earliest date on which our partnership can be required to pay. The tables include both interest and principal cash flows: December 31, 2018 (US$ MILLIONS) Less than 1 year 1-2 years 2-5 years 5+ years Total contractual cash flows Non-derivative financial liabilities Accounts payable and other liabilities (1) $ 6,863 $ 364 $ 219 $ 192 $ 7,638 Interest-bearing liabilities 2,370 1,517 3,829 5,906 13,622 Finance lease liabilities 12 7 25 16 60 ____________________________________ (1) Excludes $1,321 million of decommissioning liabilities, other provisions, and post-employment benefits, $61 million of capital leases, and $62 million of loans and notes payable. December 31, 2017 (US$ MILLIONS) Less than 1 year 1-2 years 2-5 years 5+ years Total contractual cash flows Non-derivative financial liabilities Accounts payable and other liabilities (1) $ 4,677 $ 280 $ 155 $ 118 $ 5,230 Interest-bearing liabilities 825 801 1,075 584 3,285 Finance lease liabilities 11 4 2 — 17 ___________________________________ (1) Excludes $285 million of decommissioning liabilities, other provisions, and post-employment benefits, $17 million of capital leases, and $106 million of loans and notes payable. (d) Market Risk Management Market risk is defined for these purposes as the risk that the fair value or future cash flows of a financial instrument held by our partnership will fluctuate because of changes in market prices. Market risk includes the risk of changes in interest rates, currency exchange rates and changes in market prices due to factors other than interest rates or currency exchange rates, such as changes in equity prices, commodity prices or credit spreads. Financial instruments held by our partnership that are subject to market risk include other financial assets, borrowings, derivative instruments, such as interest rate and foreign currency contracts, and marketable securities. The partnership is exposed to price risks arising from marketable securities and other financial assets. As at December 31, 2018 the balance of the portfolio was $ 546 million ( 2017 : $461 million ). A 10% change in the value of the portfolio would impact our equity by $55 million ( 2017 : $46 million ) and result in an impact on the consolidated statements of comprehensive income of $55 million ( 2017 : $46 million ). Interest Rate Risk Management The observable impacts on the fair values and future cash flows of financial instruments that can be directly attributable to interest rate risk include changes in net income from financial instruments whose cash flows are determined with reference to floating interest rates and changes in the fair values of financial instruments whose cash flows are fixed in nature. A 10 basis point increase or decrease in the interest rates does not have a material impact on the partnership’s net income. Foreign Currency Risk Management Changes in currency rates will impact the carrying value of financial instruments and our partnership’s net investment and cash flows denominated in currencies other than the U.S. dollar. The tables below set out our partnership’s currency exposure as at December 31, 2018 and 2017 : December 31, 2018 USD AUD GBP CAD EUR BRL Other Total Assets Current assets $ 3,636 $ 402 $ 2,197 $ 1,186 $ 658 $ 480 $ 1,222 $ 9,781 Non-current assets 9,414 733 819 1,997 993 3,065 516 17,537 $ 13,050 $ 1,135 $ 3,016 $ 3,183 $ 1,651 3,545 $ 1,738 $ 27,318 Liabilities Current liabilities $ 2,886 $ 551 $ 2,514 $ 1,232 $ 592 $ 314 $ 927 $ 9,016 Non-current liabilities 8,571 123 189 516 505 1,824 80 11,808 $ 11,457 $ 674 $ 2,703 $ 1,748 $ 1,097 $ 2,138 $ 1,007 $ 20,824 Non-controlling interest 1,060 52 171 750 383 1,052 63 3,531 Net investment to the partnership $ 533 $ 409 $ 142 $ 685 $ 171 $ 355 $ 668 $ 2,963 December 31, 2017 USD AUD GBP CAD EUR BRL Other Total Assets Current assets $ 1,482 $ 497 $ 1,871 $ 1,232 $ 142 $ 487 $ 722 $ 6,433 Non-current assets 1,655 817 512 2,329 204 3,535 319 9,371 $ 3,137 $ 1,314 $ 2,383 $ 3,561 $ 346 4,022 $ 1,041 $ 15,804 Liabilities Current liabilities $ 817 $ 594 $ 2,108 $ 1,294 $ 81 $ 306 $ 490 $ 5,690 Non-current liabilities 816 78 143 743 28 2,096 146 4,050 $ 1,633 $ 672 $ 2,251 $ 2,037 $ 109 $ 2,402 $ 636 $ 9,740 Non-controlling interest 430 101 4 897 134 1,250 210 3,026 Net investment to the partnership $ 1,074 $ 541 $ 128 $ 627 $ 103 $ 370 $ 195 $ 3,038 T he net income impact to the partnership of currency risk associated with financial instruments is limited as its financial assets and liabilities are generally denominated in the functional currency of the subsidiary that holds the financial instrument. However, the partnership is exposed to foreign currency risk on the net assets of its foreign currency denominated operations. The partnership’s exposures to foreign currencies and the sensitivity of net income and other comprehensive income, on a pre-tax basis, to a 10% change in the exchange rates relative to the United States dollar is summarized below: December 31, 2018 (US$ MILLIONS) OCI attributable to unitholders Net income attributable to unitholders Australian dollar $ (36 ) $ — Canadian dollar (12 ) 3 Brazilian real (35 ) 4 Other (19 ) 5 December 31, 2017 (US$ MILLIONS) OCI attributable to unitholders Net income attributable to unitholders Australian dollar $ (88 ) $ — Canadian dollar (37 ) — Brazilian real (33 ) — Other (9 ) (20 ) December 31, 2016 (US$ MILLIONS) OCI attributable to unitholders Net income attributable to unitholders Australian dollar $ (55 ) $ — Canadian dollar (50 ) — Other (3 ) 1 (e) Credit Risk Management Credit risk is the risk of loss due to the failure of a borrower or counterparty to fulfill its contractual obligations. The partnership assesses the credit worthiness of each counterparty before entering into contracts and ensures that counterparties meet minimum credit quality requirements. The partnership also evaluates and monitors counterparty credit risk for derivative financial instruments and endeavours to minimize counterparty credit risk through diversification, collateral arrangements, and other credit risk mitigation techniques. All of the partnership’s derivative financial instruments involve either counterparties that are banks or other financial institutions. The partnership does not have any significant credit risk exposure to any single counterparty. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2018 | |
Operating Segments [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION Our operations are organized into four operating segments which are regularly reviewed by our Chief Operating Decision Maker (the "CODM") for the purpose of allocating resources to the segment and to assess its performance. The key measures used by the CODM in assessing performance and in making resource allocation decisions are company funds from operations, or Company FFO, and Company EBITDA. Periodically we review the organizational and governance structure of our businesses. In connection with the acquisition of Westinghouse and the disposition of our Australian energy operation, we have realigned the organizational and governance structure of our businesses and have changed how the partnership evaluates financial information for management decision making which has resulted in a change in our operating segments. Specifically, our construction services segment and business services segment are presented as a single operating segment called business services. Infrastructure services is a new operating segment, which includes our investment in Westinghouse and Teekay Offshore. The energy segment has been eliminated and the remainder of our energy businesses are evaluated with and presented within our industrial operations segment. The partnership has retrospectively applied these segment changes for all periods presented. Company FFO is calculated as net income excluding the impact of depreciation and amortization, deferred income taxes, breakage and transaction costs, non-cash valuation gains or losses and other items. When determining Company FFO, we include our proportionate share of Company FFO of equity accounted investments. Company FFO is further adjusted as Company EBITDA to exclude the impact of realized disposition gains (losses), interest expenses, current income taxes, and realized disposition gains, current income taxes and interest expenses related to equity accounted investments. Year Ended December 31, 2018 Total attributable to the partnership (US$ MILLIONS) Business Services Infrastructure Services Industrial Operations Corporate Total Revenues (1) $ 30,847 $ 2,418 $ 3,896 $ 7 $ 37,168 Direct operating costs (30,351 ) (1,715 ) (2,060 ) (8 ) (34,134 ) General and administrative expenses (278 ) (65 ) (231 ) (69 ) (643 ) Equity accounted Company EBITDA (2) 34 120 42 — 196 Company EBITDA attributable to others (3) (124 ) (463 ) (1,157 ) — (1,744 ) Company EBITDA (4) 128 295 490 (70 ) 843 Realized disposition gain (loss), net (5) 55 — 195 — 250 Other income (expense), net (6) — (15 ) (3 ) — (18 ) Interest income (expense), net (66 ) (176 ) (263 ) 7 (498 ) Realized disposition gain, current income taxes and interest expenses related to equity accounted investments (2) (3 ) (41 ) (10 ) — (54 ) Current income taxes (44 ) (10 ) (132 ) — (186 ) Company FFO attributable to others (net of Company EBITDA attributable to others) (3) 61 142 193 — 396 Company FFO (4) 131 195 470 (63 ) 733 Depreciation and amortization expense (7) (748 ) Gain on acquisition/disposition (5) 250 Impairment expense, net (218 ) Other income (expense), net (6) (118 ) Deferred income taxes 88 Non-cash items attributable to equity accounted investments (2) (132 ) Non-cash items attributable to others (3) 567 Net income (loss) attributable to unitholders (4) $ 422 ____________________________________ (1) For the year ended December 31, 2018 , revenues by business unit in our Business Services segment are as follows: Road Fuel Distribution & Marketing $23,794 million , Construction Services $4,545 million Facilities Management $1,925 million , Logistics $425 million , Residential Real Estate Services $105 million , Financial Advisory $32 million and Other $21 million . (2) The sum of these amounts equates to equity accounted income of $10 million as per the consolidated statements of operating results. (3) The sum of these amounts equates to net income attributable to others of $781 million as per the consolidated statements of operating results. (4) Company EBITDA, company FFO and net income attributable to unitholders include company EBITDA, company FFO and net income attributable to limited partnership unitholders, general partnership unitholders, redemption-exchange unitholders, and special limited partnership unitholders. (5) The sum of these amounts equates to the gain on acquisitions / dispositions, net of $500 million as per the consolidated statements of operating results. (6) The sum of these amounts equates to the other expense, net of $136 million as per the consolidated statements of operating results. (7) For the year ended December 31, 2018 , depreciation and amortization by segment is as follows: Infrastructure Services $309 million , Business Services $135 million , Industrial Operations $304 million , and Corporate and Other $ nil . Year Ended December 31, 2017 Total attributable to the partnership (US$ MILLIONS) Business Services Infrastructure Services Industrial Corporate Total Revenues (1) $ 20,874 $ 3 $ 1,939 $ 7 $ 22,823 Direct operating costs (20,448 ) — (1,425 ) (3 ) (21,876 ) General and administrative expenses (182 ) — (113 ) (45 ) (340 ) Equity accounted Company EBITDA (2) 28 31 49 — 108 Company EBITDA attributable to others (3) (169 ) — (306 ) — (475 ) Company EBITDA (4) 103 34 144 (41 ) 240 Realized disposition gain (loss), net 19 — 225 — 244 Interest income (expense), net (47 ) — (154 ) (1 ) (202 ) Realized disposition gain, current income taxes and interest expenses related to equity accounted investments (2) — (13 ) (4 ) — (17 ) Current income taxes (16 ) — (32 ) 18 (30 ) Company FFO attributable to others (net of Company EBITDA attributable to others) (3) 33 — (16 ) — 17 Company FFO (4) 92 21 163 (24 ) 252 Depreciation and amortization expense (5) (371 ) Realized disposition gains recorded in prior periods 23 Impairment expense, net (39 ) Other income (expense), net (108 ) Deferred income taxes 22 Non-cash items attributable to equity accounted investments (2) (22 ) Non-cash items attributable to others (3) 267 Net income (loss) attributable to unitholders (4) $ 24 ____________________________________ (1) For the year ended December 31, 2017 , revenues by business unit in our Business Services segment are as follows: Construction Services $4,650 million , Facilities Management $1,775 million , Road Fuel Distribution and Marketing $13,842 million , Residential Real Estate Services $108 million , Logistics $447 million , Financial Advisory $32 million , and Other $20 million . (2) The sum of these amounts equates to equity accounted income of $69 million as per the consolidated statements of operating results. (3) The sum of these amounts equates to net income attributable to others of $191 million as per the consolidated statements of operating results. (4) Company EBITDA, company FFO and net income attributable to unitholders include company EBITDA, company FFO and net income attributable to limited partnership unitholders, general partnership unitholders, redemption-exchange unitholders, and special limited partnership unitholders. (5) For the year ended December 31, 2017 , depreciation and amortization by segment is as follows; Infrastructure Services $ nil , Business Services $99 million , Industrial Operations $272 million , Corporate and Other $ nil . Year Ended December 31, 2016 Total attributable to the partnership (US$ MILLIONS) Business Services Infrastructure Services Industrial Operations Corporate and Other Total Revenues (1) $ 6,393 $ — $ 1,566 $ 1 $ 7,960 Direct operating costs (6,053 ) — (1,333 ) — (7,386 ) General and administrative expenses (146 ) — (106 ) (17 ) (269 ) Equity accounted Company EBITDA (2) 23 — 144 — 167 Company EBITDA attributable to others (3) (44 ) — (188 ) — (232 ) Company EBITDA (4) 173 — 83 (16 ) 240 Realized disposition gain/(loss), net — — 57 — 57 Interest income (expense), net (15 ) — (74 ) (1 ) (90 ) Realized disposition gain, current income taxes and interest expenses related to equity accounted investments (2) — — (9 ) — (9 ) Current income taxes (20 ) — (5 ) — (25 ) Company FFO attributable to others (net of Company EBITDA attributable to others) (3) 10 — 17 — 27 Company FFO (4) 148 — 69 (17 ) 200 Depreciation and amortization expense (5) (286 ) Impairment expense, net (261 ) Other income (expense), net (11 ) Deferred income taxes 41 Non-cash items attributable to equity accounted investments (2) (90 ) Non-cash items attributable to others (3) 378 Net income (loss) attributable to parent (4) $ (29 ) ____________________________________ (1) For the year ended December 31, 2016, revenues by business unit in our Business Services segment are as follows: Construction Services $4,387 million , Facilities Management $1,294 million , Residential Real Estate Services $619 million , Financial Advisory $64 million , and Other $29 million . (2) The sum of these amounts equates to equity accounted income of $68 million as per the consolidated statements of operating results. (3) The sum of these amounts equates to net loss attributable to others of $173 million as per the consolidated statements of operating results. (4) Company EBITDA, company FFO and net income attributable to unitholders include Company EBITDA, company FFO and net income attributable to limited partnership unitholders, general partnership unitholders, redemption-exchange unitholders, and special limited partnership unitholders and company EBITDA, company FFO and net income attributable to the parent company prior to the spin-off on June 20, 2016. (5) For the year ended December 31, 2016, depreciation and amortization by segment is as follows: Business Services $52 million , Industrial Operations $234 million , and Corporate and Other $ nil . Segment Assets For the purpose of monitoring segment performance and allocating resources between segments, the CODM monitors the assets, including investments accounted for using the equity method, attributable to each segment. The following is an analysis of the partnership's assets by reportable operating segment as at December 31, 2018 and 2017 : As at December 31, 2018 Total attributable to the partnership (US$ MILLIONS) Business Services Infrastructure Services Industrial Operations Corporate and Other Total Total assets $ 7,613 $ 11,640 $ 7,650 $ 415 $ 27,318 As at December 31, 2017 Total attributable to the partnership (US$ MILLIONS) Business Services Infrastructure Industrial Operations Corporate and Other Total Total assets $ 7,899 $ 306 $ 7,204 $ 395 $ 15,804 Geographic Information Revenues from external customers (US$ MILLIONS) 2018 2017 2016 United Kingdom $ 21,983 $ 13,637 $ 1,451 Canada 4,691 3,273 1,954 Australia 2,961 2,884 2,502 Brazil 1,736 1,252 52 United States of America 1,772 655 927 Middle East 443 593 732 Europe 2,909 411 251 Other 673 118 91 Total revenues $ 37,168 $ 22,823 $ 7,960 During the year ended December 31, 2018 , Greenergy generated revenues of $5,316 million ( 2017 : $3,052 million ) and $3,818 million ( 2017 : $2,712 million ) from two external customers, respectively, for the sale and delivery of fuel, which are both higher than 10% of our partnership's total revenues. Other than the two customers mentioned, the partnership has no revenues from any one major customer which are higher than 10% of our partnership's total revenues. The tables below summarize our segment revenue by geography, and timing of revenue recognition for IFRS 15 revenue for the year-ended December 31, 2018 : (US$ MILLIONS) Timing of Revenue Recognition Business Services Infrastructure Services Industrial Operations Corporate and Other Total Goods/services provided at a point in time $ 24,296 $ 944 $ 3,587 $ — $ 28,827 Services transferred over a period of time 6,518 1,469 278 — 8,265 Total IFRS 15 revenue $ 30,814 $ 2,413 $ 3,865 $ — $ 37,092 Other non IFRS 15 revenue 33 5 31 7 76 Total revenue $ 30,847 $ 2,418 $ 3,896 $ 7 $ 37,168 (US$ MILLIONS) Geography Business Services Infrastructure Services Industrial Operations Corporate and Other Total (1) United Kingdom $ 21,757 $ 119 $ 99 $ — $ 21,974 Canada 3,786 57 830 — 4,673 Australia 2,936 9 — — 2,945 Brazil 679 142 901 — 1,722 United States of America 478 802 487 — 1,767 Middle East (2) 435 3 7 — 445 Europe 704 901 1,300 — 2,905 Other 39 380 241 — 660 Total IFRS 15 revenue $ 30,814 $ 2,413 $ 3,865 $ — $ 37,092 ____________________________________ (1) Geography of the other non IFRS 15 revenue is as follows: United Kingdom $9 million , Canada $ 18 million , Australia $16 million , Brazil $14 million , United States $5 million , Middle East $(2) million , Europe $4 million and Other $13 million . (2) Middle East primarily consists of United Arab Emirates. Non-current Assets (1) (US$ MILLIONS) 2018 2017 United Kingdom $ 2,032 $ 918 Canada 2,403 2,355 Australia 746 909 Brazil 4,205 3,545 United States of America 3,823 471 Middle East 108 138 Europe 3,765 401 Other 455 634 Total non-current assets $ 17,537 $ 9,371 ____________________________________ (1) Non-current assets are comprised of property, plant and equipment, intangible assets, equity accounted investments, goodwill and other non-current assets. |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 12 Months Ended |
Dec. 31, 2018 | |
Cash Flow Statement [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION | SUPPLEMENTAL CASH FLOW INFORMATION Year Ended December 31 (US$ MILLIONS) 2018 2017 2016 Interest paid $ 456 $ 103 $ 74 Income taxes paid $ 112 $ 41 $ 9 Amounts paid and received for interest were reflected as operating cash flows in the consolidated statements of cash flow. Details of "Changes in non-cash working capital, net" on the consolidated statements of cash flow are as follows: Year Ended December 31 (US$ MILLIONS) 2018 2017 2016 Accounts receivable $ (11 ) $ (520 ) $ (55 ) Inventory 153 (259 ) 60 Prepayments and other (89 ) 185 (123 ) Accounts payable and other (322 ) 143 127 Changes in non-cash working capital, net $ (269 ) $ (451 ) $ 9 The following table presents the change in the balance of liabilities arising from financing activities as at December 31, 2018 : (US$ MILLIONS) 2018 2017 Balance at January 1, $ 3,265 $ 1,551 Cash flows 4,568 349 Non-cash changes: Acquisitions / (Disposition) of subsidiaries 3,258 1,386 Foreign currency translation (299 ) (7 ) Fair value 43 — Other changes 31 (14 ) Balance at December 31, $ 10,866 $ 3,265 |
POST-EMPLOYMENT BENEFITS
POST-EMPLOYMENT BENEFITS | 12 Months Ended |
Dec. 31, 2018 | |
Employee Benefits [Abstract] | |
POST-EMPLOYMENT BENEFITS | POST-EMPLOYMENT BENEFITS The partnership maintains several defined benefit pension plans within our industrial operations and infrastructure services segments during the year. These plans are administered in various countries, the most significant of which is in the U.S. These benefits are provided through various insurance companies and the estimated net post-retirement benefit costs are accrued during the employees’ credited service periods. The increase in net liability as at December 31, 2018 from 2017 is primarily attributable to the acquisition of Westinghouse and Schoeller Allibert as well as the consolidation of Teekay Offshore. The following table shows the changes in the present value of the defined benefit obligation and the fair value of plan assets as at December 31, 2018 : Defined benefit pension plan Post-retirement plan (US$ MILLIONS) 2018 2017 2018 2017 Changes in defined benefit obligation Defined benefit obligation at beginning of year $ 164 $ 162 $ 28 $ 29 Defined benefit obligation at acquisition 1,923 — 45 — Service cost 10 1 1 — Interest cost 35 6 2 1 Participant contributions 1 — 1 — Insurance premiums for risk benefits (2 ) — — — Foreign currency exchange changes (12 ) — (2 ) (1 ) Actuarial gain due to financial assumption changes (39 ) 6 (2 ) — Actuarial gain due to demographic assumption changes (3 ) (1 ) — — Actuarial experience adjustments 2 (1 ) — (2 ) Benefits paid from plan assets (36 ) — (1 ) — Benefits paid from employer (6 ) (9 ) (4 ) 1 Defined benefit obligation at end of year $ 2,037 $ 164 $ 68 $ 28 Changes in fair value of plan assets Fair value of plan assets at beginning of year $ (126 ) $ (116 ) $ — $ — Fair value of plan assets at acquisition (1,438 ) — — — Interest income (29 ) (4 ) — — Return on plan assets (excluding interest income) 112 (9 ) — — Foreign currency exchange rate changes 10 — — — Employer contributions (118 ) (7 ) (1 ) — Participant contributions (2 ) — (1 ) — Employer direct settlements (1 ) — 1 (2 ) Benefits paid from plan assets 41 8 2 — Benefits paid from employer 1 1 (1 ) 2 Administrative expenses paid from plan assets 7 1 — — Insurance premiums for risk benefits 1 — — — Fair value of plan assets at year end $ (1,542 ) $ (126 ) $ — $ — Net liability at end of year $ 495 $ 38 $ 68 $ 28 The net liabilities for the defined benefit and post-retirement plans are recorded within accounts payable and other in the consolidated statements of financial position. The following table summarizes the defined benefit obligation and the fair value of plan assets by geography as at December 31, 2018 : (US$ MILLIONS) United States Canada Other Total Defined benefit pension plan Defined benefit obligation $ 1,573 $ 4 $ 460 $ 2,037 Fair value of plan assets (1,211 ) (3 ) (328 ) (1,542 ) Net liability $ 362 $ 1 $ 132 $ 495 Post-retirement plan Defined benefit obligation at end of year $ 49 $ 12 $ 7 $ 68 Net liability $ 49 $ 12 $ 7 $ 68 The following table summarizes the defined benefit obligation and the fair value of plan assets by geography as at December 31, 2017 : (US$ MILLIONS) United States Canada Other Total Defined benefit pension plan Defined benefit obligation $ 140 $ 4 $ 20 $ 164 Fair value of plan assets (110 ) (3 ) (13 ) (126 ) Net liability $ 30 $ 1 $ 7 $ 38 Post-retirement plan Defined benefit obligation at end of year $ 9 $ 13 $ 6 $ 28 Net liability $ 9 $ 13 $ 6 $ 28 Amounts recognized in respect of these defined benefit and post-retirement plans during the year are as follows: Defined benefit pension plan Post-retirement plan (US$ MILLIONS) 2018 2017 2018 2017 Amounts recognized in profit and loss Current service cost $ 11 $ 1 $ — $ — Net interest expense 6 2 2 1 Administrative expense 7 1 — — Total expense recognized in profit and loss $ 24 $ 4 $ 2 $ 1 Amounts recognized in other comprehensive income Return on plan assets (excluding amounts included in net interest expense) $ 113 $ (7 ) $ — $ — Actuarial gains and losses arising from changes in demographic assumptions (4 ) (1 ) — — Actuarial gains and losses arising from changes in financial assumptions (39 ) 6 (2 ) — Actuarial gains and losses arising from experience adjustments 2 (1 ) — (2 ) Total expense (gain) recognized in other comprehensive income $ 72 $ (3 ) $ (2 ) $ (2 ) Total expense (gain) recognized in comprehensive income $ 96 $ 1 $ — $ (1 ) The expense recorded in profit and loss is recognized within general and administrative expenses in the consolidated statements of operating results. The defined benefit pension plans expose our partnership to certain actuarial risks such as investment risk, interest rate risk, and compensation risk. The present value of the defined benefit obligation is calculated using a discount rate. If the return on plan assets is below this rate, a plan deficit occurs. We mitigate this investment risk by establishing a sound investment policy to be followed by the investment manager. Our investment policy requires plan assets to be invested in a diversified portfolio and is set based on both asset return and local statutory requirements. A change in interest and compensation rates will also affect the defined benefit obligation. A sensitivity analysis of the discount rate and compensation rate is provided below. The following table summarizes the fair value of plan assets by category as at December 31, 2018 : (US$ MILLIONS) Level 1 Level 2 (1) Level 3 (2) Total Cash and cash equivalents $ 13 $ 1 $ — $ 14 Equity instruments 567 98 — 665 Debt instruments 440 264 127 831 Real Estate — 8 — 8 Fixed insurance contracts — 10 14 24 Total plan assets $ 1,020 $ 381 $ 141 $ 1,542 ____________________________________ (1) Level 2 assets represent the net asset value of the underlying assets held by the investment fund. The assets are valued by the fund administrator. (2) Level 3 assets consist of insurance rights and equity and debt instruments pooled in an actively invested collective profit sharing arrangement with other third-party employers. The assets are valued using non-observable inputs by the plan administrator. Significant Assumptions The partnership annually re-evaluates assumptions and estimates used in projecting the defined benefit and post-retirement liabilities. These assumptions and estimates may affect the carrying value of the defined benefit and post-retirement plan liabilities in our consolidated statements of financial position. The significant actuarial assumptions adopted are as follows: Defined benefit plan Discount rate 1.7% to 3.9% Rate of compensation increase 1.7% to 2.6% Post-retirement plan Discount rate 3.9% to 5.6% Health care cost trend on covered charges: Immediate trend rate 4.0% to 8.0% Ultimate trend rate 4.0% to 6.1% These assumptions have a significant impact on the defined benefit and post-retirement liabilities reported in the consolidated statement of financial position. The following table presents a sensitivity analysis of each assumption with the related impact on these liabilities as at December 31, 2018 : (US$ MILLIONS) Percentage increase Impact on liability Percentage decrease Impact on liability Defined benefit pension plan Discount rate 0.25% to 1% $ (138 ) 0.25% to 1% $ 151 Rate of compensation increase 0.25% to 0.66% 14 0.25% to 0.66% (15 ) Post-retirement plan Discount rate 0.25% to 1% $ (3 ) 0.25% to 1% $ 3 Health care cost trend rates 0.5% to 1% 1 0.5% to 1% (1 ) The sensitivity analysis above has been determined based on reasonably possible changes of the respective assumptions occurring as at December 31, 2018 , while holding all other assumptions constant. These analyses may not be representative of the actual change in the defined benefit and post-retirement obligations as it is unlikely that the change in assumptions would occur in isolation of one another. The following table summarizes future planned benefit payments under our defined benefit and post-retirement plans as at December 31, 2018 : (US$ MILLIONS) Defined benefit pension plan Post-retirement plan 2019 $ 79 $ 5 2020 83 5 2021 90 5 2022 92 5 2023 95 5 Thereafter 520 22 Total $ 959 $ 47 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2018 | |
Events After Reporting Period [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS (a) Normal Course Issuer Bid On January 3, 2019, we announced that, in connection with our normal course issuer bid ("NCIB") which commenced on August 15, 2018, we entered into an automatic purchase plan. The maximum amount of Units which may be repurchased under the NCIB was amended from 3,371,900 Units, being 10% of the public float, to 3,309,289 Units, which equals 5% of the total issued and outstanding Units. As of March 15, 2019 , we repurchased 89,027 units. (b) Distribution On February 7, 2019, the Board of Directors declared a quarterly distribution in the amount of $0.0625 per unit, payable on March 29, 2019 to unitholders of record as at the close of business on February 28, 2019. (c) Agreement to acquire Healthscope On January 31, 2019, together with institutional partners, we reached an agreement to acquire up to 100% of Healthscope Limited ("Healthscope") for approximately $4.1 billion . The transaction will be funded with up to $1.0 billion of equity, $1.4 billion of long-term financing and $1.7 billion from the sale and long-term leaseback of 22 wholly-owned freehold hospital properties. The partnership expects to fund approximately $250 million of the equity, with the balance being funded by institutional partners. The transaction is expected to occur in the second quarter of 2019. (d) Agreement to acquire Johnson Controls' Power Solutions On November 13, 2018, together with institutional partners (collectively, “Brookfield”) and Caisse de dépôt et placement du Québec (“CDPQ”), we reached an agreement whereby Brookfield and CDPQ will acquire 100% of Johnson Controls’ Power Solutions business for approximately $13.2 billion . The partnership expects to fund approximately $750 million of the equity, with the balance being funded by institutional partners. The transaction is expected to occur in the second quarter of 2019. (e) Agreement to sell BGIS On March 11, 2019, together with institutional partners, we announced an agreement to sell BGIS, a leading global provider of facilities management services to CCMP Capital Advisors, LP for approximately $1 billion . The partnership's share of the proceeds from the sale are approximately $180 million , after taxes. Closing of the transaction remains subject to customary closing conditions and is expected to close in the second quarter of 2019. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Segment Change and Segments | Our operating segments are components of the business for which discrete financial information is reviewed regularly by our Chief Operating Decision Maker (the "CODM") to assess performance and make decisions regarding resource allocation. We have assessed our CODM to be our Chief Executive Officer and Chief Financial Officer. Our operating segments are Business Services, Infrastructure Service, Industrial Operations and Corporate and Other. Periodically we review the organizational and governance structure of our businesses. Following the acquisitions and monetizations completed during the year, we have assessed our operations and made updates. In connection with the acquisition of Westinghouse Electric Company ("Westinghouse") and the disposition of our Australian energy business, we have realigned the organizational and governance structure of our businesses and have changed how the partnership evaluates financial information for management decision making which has resulted in a change in our operating segments. Specifically, our construction services segment and business services segment are presented as a single operating segment called business services. Infrastructure services is a new operating segment, which includes our investment in Westinghouse and Teekay Offshore. The energy segment has been eliminated and the remainder of our energy businesses are evaluated with and presented within our industrial operations segment. The partnership has retrospectively applied these segment changes for all periods presented. |
Continuity of interests | Brookfield Business Partners L.P. was established on January 18, 2016 by Brookfield and on June 20, 2016 Brookfield completed the spin-off of the Business to holders of Brookfield’s Class A and B limited voting shares. Brookfield directly and indirectly controlled the Business prior to the spin-off and continues to control the partnership subsequent to the spin-off through its interests in the partnership. As a result of this continuing common control, there is insufficient substance to justify a change in the measurement of the Business. In accordance with the partnership’s and Brookfield’s accounting policy, the partnership has reflected the Business in its financial position and results of operations using Brookfield’s carrying values, prior to the spin-off. To reflect this continuity of interests these financial statements provide comparative information of the Business for the periods prior to the spin-off, as previously reported by Brookfield. The economic and accounting impact of contractual relationships created or modified in conjunction with the spin-off (see Note 1(b)) have been reflected prospectively from the date of the spin-off and have not been reflected in the results of operations or financial position of the partnership prior to June 20, 2016, as such items were in fact not created or m odified prior thereto. Accordingly, the financial information for the periods prior to June 20, 2016 is presented based on the historical financial information for the Business as previously reported by Brookfield. For the period after completion of the spin-off, the results are based on the actual results of the partnership, including the adjustments associated with the spin-off and the execution of several new and amended agreements including management service and relationship agreements (see Note 24). Therefore, net income (loss) and comprehensive income (loss) not attributable to interests of others in operating subsidiaries has been allocated to Brookfield prior to June 20, 2016 and allocated to the limited partners, the general partner, redemption-exchange unitholders, and special limited partners on and after June 20, 2016. Prior to June 20, 2016, intercompany transactions between the partnership and Brookfield have been included in these financial statements and are considered to be forgiven at the time of the transaction, are recorded and reflected as a ‘‘Net increase/(decrease) in Brookfield Asset Management Inc. investment’’. ‘‘Net increase/(decrease) in Brookfield Asset Management Inc. investment’’ as shown in the consolidated statements of changes in equity represents the parent company’s historical investment in the partnership, accumulated net income and the net effect of the transactions and allocations from the parent company. The total net effect of transactions with the parent company is reflected in the consolidated statements of cash flow as a financing activity and in the consolidated statements of financial position as ‘‘Equity attributable to Brookfield Asset Management Inc. |
Basis of consolidation | The consolidated financial statements include the accounts of the partnership and its consolidated subsidiaries, which are the entities over which the partnership has control. An investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Non-controlling interests in the equity of the partnership’s subsidiaries held by others and the redemption-exchange units, Special LP Units and preferred shares held by Brookfield in the Holding LP and the holding entities respectively are shown separately in equity in the consolidated st atements of financial position. Intercompany transactions within the partnership have been eliminated. As part of the spin-off, Brookfield Business Partners L.P., through its Managing GP Units, became the managing general partner of Holding LP, and thus controls Holding LP. The partnership entered into agreements with various affiliates of Brookfield, whereby the partnership was assigned Brookfield’s voting or general partner kick-out rights and effectively controls the subsidiaries of Holding LP with respect to which the agreements were put in place. Accordingly, the partnership consolidates the accounts of Holding LP and its subsidiaries. |
Redemption-exchange units | As described in Note 1(b)(i), the partnership’s equity interests include limited partnership units held by public unitholders and Brookfield, as well as redemption-exchange units held by Brookfield. The redemption-exchange units have the same economic attributes in all respects as the limited partnership units, except that the redemption-exchange units provide Brookfield the right to request that its units be redeemed for cash consideration. In the event that Brookfield exercises this right, the partnership has the right, at its sole discretion, to satisfy the redemption request with limited partnership units of Brookfield Business Partners L.P., rather than cash, on a one -for-one basis. The redemption-exchange units provide Brookfield with the direct economic benefits and exposures to the underlying performance of the Holding LP and accordingly to the variability of the distributions of the Holding LP, whereas the partnership’s unitholders have indirect access to the economic benefits and exposures of the Holding LP through direct ownership interest in the partnership which owns a direct interest in the Holding LP. Accordingly, the redemption-exchange units have been presented within non-controlling interests. The redemption-exchange units are issued capital of the Holding LP and as a result are not adjusted for changes in market value. |
Preferred shares and Special Limited Partner units | As described in Note 1(b)(ii), the partnership’s equity interests include preferred shares and Special Limited Partner units held by Brookfield. The partnership and its subsidiaries are not obligated to redeem the preferred shares and accordingly, they have been determined to be equity of the applicable entities and are reflected as a component of non-controlling interest in the consolidated stateme nts of financial position. |
Interests in other entities | (i) Subsidiaries These consolidated financial statements include the accounts of the partnership and subsidiaries over which the partnership has control. Subsidiaries are consolidated from the date of acquisition, being the date on which the partnership obtained control, and continue to be consolidated until the date when control is lost. The partnership controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Non-controlling interests may be initially measured either at fair value or at the non-controlling interests’ proportionate share of the fair value of the acquiree’s identifiable net assets. The choice of measurement basis is made on an acquisition by acquisition basis. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests’ share of subsequent changes in partnership capital in addition to changes in ownership interests. Total comprehensive income (loss) is attributed to non-controlling interests, even if this results in the non-controlling interests having a deficit balance. All intercompany balances, transactions, revenues and expenses are eliminated in full. The following provides information about our partnership's wholly-owned subsidiaries as of December 31, 2018 and 2017 : Defined Name Name of entity Country of incorporation Voting interest (%) Economic interest (%) 2018 2017 2018 2017 Business Services Financial advisory services business BFIN Canada 100 % 100 % 100 % 100 % Residential real estate services business Brookfield RPS Limited Canada 100 % 100 % 100 % 100 % Construction services business Multiplex United Kingdom 100 % 100 % 100 % 100 % The following table presents details of non-wholly owned subsidiaries of our partnership: Defined Name Name of entity Country of incorporation Voting interest (%) Economic interest (%) 2018 2017 2018 2017 Business Services Condominium management services business Crossbridge Condominium Services Ltd. Canada 90 % 90 % 90 % 90 % IT storage facilities management business WatServ Canada 75 % 75 % 75 % 75 % Fuel marketing business BG Fuels Canada 100 % 100 % 26 % 26 % Facilities management business BGIS Global Integrated Solutions Canada 100 % 100 % 26 % 26 % Cold storage logistics Nova Cold Logistics Canada 100 % 100 % 25 % 25 % Road fuel distribution business Greenergy Fuels Holding Limited United Kingdom 85 % 85 % 14 % 14 % Wireless broadband Imagine Communications Group Limited Ireland 55 % — % 31 % — % Infrastructure services Infrastructure services provider to the power generation industry Westinghouse Electric Company United States of America 100 % — % 44 % — % Services provider to the offshore oil production industry Teekay Offshore Partners L.P. United States of America 51 % — % 25 % — % Industrial operations Limestone mining operations Hammerstone Corporation Canada 100 % 100 % 39 % 39 % Graphite electrode manufacturing business GrafTech International Ltd. United States of America 79 % 100 % 27 % 34 % Water and wastewater services BRK Ambiental Brazil 70 % 70 % 26 % 26 % Infrastructure support products manufacturing operation AP Infrastructure Solutions LP Canada 100 % 100 % 25 % 25 % Palladium mining operation North American Palladium Ltd. Canada 91 % 92 % 23 % 23 % Provider of returnable plastic packaging Schoeller Allibert Group B.V. Netherlands 52 % — % 14 % — % Canadian well-servicing operation CWC Energy Services Corp. Canada 78 % 78 % 56 % 56 % Canadian energy operation Ember Resources Inc. Canada 100 % 100 % 41 % 41 % (ii) Associates and joint ventures Associates are entities over which the partnership exercises significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but without control or joint control over those policies. Joint ventures are joint arrangements whereby the parties that have joint control of the arrangement have the rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control over an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. The partnership accounts for associates and joint ventures using the equity method of accounting within equity accounted investments in the consolidated statements of financial position. Interests in associates and joint ventures accounted for using the equity method are initially recognized at cost. At the time of initial recognition, if the cost of the associate or joint venture is lower than the proportionate share of the investment’s underlying fair value, the partnership records a gain on the difference between the cost and the underlying fair value of the investment in net income. If the cost of the associate or joint venture is greater than the partnership’s proportionate share of the underlying fair value, goodwill relating to the associate or joint venture is included in the carrying amount of the investment. Subsequent to initial recognition, the carrying value of the partnership interest in an associate or joint venture is adjusted for the partnership’s share of comprehensive income and distributions of the investee. Profit and losses resulting from transactions with an associate or joint venture are recognized in the consolidated financial statements based on the interests of unrelated investors in the investee. The carrying value of associates or joint ventures is assessed for impairment at each reporting date. Impairment losses on equity accounted investments may be subsequently reversed in net income. |
Foreign currency translation | The U.S. dollar is the functional and presentation currency of the partnership. Each of the partnership’s subsidiaries and equity accounted investments determines its own functional currency and items included in the financial statements of each subsidiary and equity accounted investment are measured using that functional currency. Assets and liabilities of foreign operations having a functional currency other than the U.S. dollar are translated at the rate of exchange prevailing at the reporting date and revenues and expenses at average rates during the period. Gains or losses on translation are included as a component of equity. On disposal of a foreign operation resulting in the loss of control, the component of other comprehensive income due to accumulated foreign currency translation relating to that foreign operation is reclassified to net income. Gains or losses on foreign currency denominated balances and transactions that are designated as hedges of net investments in these operations are reported in the same manner. On partial disposal of a foreign operation in which control is retained, the proportionate share of the component of other comprehensive income or loss relating to that foreign operation is reclassified to non-controlling interests in that foreign operation. Foreign currency denominated monetary assets and liabilities are translated using the rate of exchange prevailing at the reporting date and non-monetary assets and liabilities are measured at historic cost and are translated at the rate of exchange at the transaction date. Revenues and expenses are measured at average rates during the period. Gains or losses on translation of these items are included in the consolidated statement of operating results. Gains and losses on transactions which hedge these items are also included in the consolidated statement of operating results. |
Business combinations | Business acquisitions, in which control is acquired, are accounted for using the acquisition method, other than those between and among entities under common control. The consideration of each acquisition is measured at the aggregate of the fair values at the acquisition date of assets transferred by the acquirer, liabilities incurred or assumed, and equity instruments issued by the partnership in exchange for control of the acquiree. Acquisition related costs are recognized in the consolidated statements of operating results as incurred and included in other income (expenses), net. Where applicable, the consideration for the acquisition includes any asset or liability resulting from a contingent consideration arrangement, measured at its acquisition-date fair value. Subsequent changes in fair values are adjusted against the cost of the acquisition where they qualify as measurement period adjustments. All other subsequent changes in the fair value of contingent consideration classified as liabilities will be recognized in the consolidated statements of operating results, whereas changes in the fair values of contingent consideration classified within equity are not subsequently re-measured. Where a business combination is achieved in stages, the partnership’s previously held interests in the acquired entity are remeasured to fair value at the acquisition date, that is, the date the partnership attains control and the resulting gain or loss, if any, is recognized in the consolidated statements of operating results. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognized in other comprehensive income are reclassified to the consolidated statements of operating results, where such treatment would be appropriate if that interest were disposed of. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the acquisition occurs, the partnership reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period, or additional assets or liabilities are recognized, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognized as of that date. The measurement period is the period from the date of acquisition to the date the partnership obtains complete information about facts and circumstances that existed as of the acquisition date. The measurement period is subject to a maximum of one year subsequent to the acquisition date. If, after reassessment, the partnership’s interest in the fair value of the acquiree’s identifiable net assets exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer’s previously held equity interest in the acquiree if any, the excess is recognized immediately in income as a bargain purchase gain. Contingent liabilities acquired in a business combination are initially measured at fair value at the date of acquisition. At the end of subsequent reporting periods, such contingent liabilities are measured at the higher of the amount that would be recognized in accordance with IAS 37, Provisions, Contingent Liabilities and Contingent Assets, and the amount initially recognized less cumulative amortization recognized in accordance with IAS 18, Revenue. |
Cash and cash equivalents | Cash and cash equivalents include cash on hand, non-restricted deposits and short-term investments with original maturities of three months or less. |
Accounts and other receivable, net | Accounts and other receivable, net include trade receivables, construction retentions and other unbilled receivables, which are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method, less any allowance for uncollectable amounts. Trade receivables related to the partnership’s mining operations are recognized at fair value. |
Inventories | Inventories, with the exception of certain fuel inventories, are valued at the lower of cost and net realizable value. Cost is determined using specific identification where possible and practicable or using the first-in, first-out or weighted average method. Costs include direct and indirect expenditures incurred in bringing the inventory to its existing condition and location. Net realizable value represents the estimated selling price in the ordinary course of business, less the estimated costs of completion and the estimated costs necessary to make the sale. Fuel inventories are traded in active markets and are purchased with the view to resell in the near future, generating a profit from fluctuations in prices or margins. As a result, fuel inventories are carried at market value by reference to prices in a quoted active market, in accordance with the commodity broker-trader exemption granted by IAS 2, Inventories . Change in fair value less costs to sell, are recognized in the consolidated statement of operating results through direct operating costs. Fuel products that are held for extended periods in order to benefit from future anticipated increases in fuel prices or located in territories where no active market exists are recognized at the lower of cost and net realizable value. Products and chemicals used in the production of biofuels are valued at the lower of cost and net realizable value. |
Renewable Transport Fuel Obligation (RTFO) | Under the UK government's Renewable Transport Fuel Obligation ("RTFO") Order, which regulates biofuels used for transport and non-road mobile machinery, our UK road fuel service operation is required to meet annual targets for the supply of biofuels. The obligations which arise are either settled by cash or through the delivery of certificates which are generated by blending biofuels. To the extent that the partnership generates certificates in excess of its current year obligation, these can either be carried forward to offset up to 25% of the next year’s obligation or sold to other parties. Certificates generated or purchased during the year which will be used to settle the current obligation are recognized in inventory at the lower of cost and net realizable value. Where certificates are generated, cost is deemed to be the average cost of blending biofuels during the year in which the certificates are generated. Certificates held for sale to third parties are recognized in inventory at fair value. There is no externally quoted marketplace for the valuation of RTFO certificates. In order to value these contracts, the partnership has adopted a pricing methodology combining both observable inputs based on market data and assumptions developed internally based on observable market activity. Changes in market prices of the certificates and the quantity of tickets considered to be realizable through external sales are recognized immediately in the consolidated statement of operating results. Certificates for which no active market is deemed to exist are not recognized. The liability associated with the obligations under the RTFO Order is recognized in the year in which the obligation arises and is valued by reference to either the cost of generating the certificates which will be surrendered to meet the obligation or the expected future cash outflow where the obligation is settled. The liability is recorded in accounts payable and other. |
Related party transactions | In the normal course of operations, the partnership enters into various transactions on market terms with related parties, which have been measured at their exchange value and are recognized in the consolidated financial statements. |
Property, plant and equipment, or PP&E | Items of PP&E are measured at cost less accumulated depreciation and accumulated impairment losses, if any. Cost includes expenditures that are directly attributable to the acquisition of the asset. The cost of assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the assets to a working condition for their intended use, and the cost of dismantling and removing the items and restoring the site on which they are located. Depreciation of an asset commences when it is available for use. PP&E are depreciated on a straight line basis over the estimated useful lives of each component of the assets as follows: Buildings Up to 50 years Leasehold improvements Up to 40 years but not exceeding the term of the lease Machinery and equipment Up to 20 years Oil and gas related equipment Up to 10 years Vessels Up to 35 years Depreciation on PP&E is calculated on a straight-line basis so as to write-off the net cost of each asset over its expected useful life to its estimated residual value. Leasehold improvements are depreciated over the period of the lease or estimated useful life, whichever is the shorter, using the straight-line method. The estimated useful lives, residual values and depreciation methods are reviewed at the end of each annual reporting period, with the effect of any changes recognized on a prospective basis. With respect to our oil and natural gas assets, pre-license costs are costs incurred before the legal rights to explore a specific area have been obtained and are expensed in the period in which they are incurred. Once the legal right to explore has been acquired, costs directly associated with an exploration well are initially capitalized as exploration and evaluation, or E&E, costs. Such E&E costs may include costs of license acquisition, technical services and studies, seismic acquisition, exploration drilling and testing. E&E costs are not depleted and are carried forward until technical feasibility and commercial viability has been determined. All such carried costs are subject to technical, commercial and management review at each reporting period and where indicators of impairment exist, such costs are charged to E&E expense. Upon determination that proved and/or probable reserves exist and the technology exists to extract the resource economically, E&E assets attributable to those reserves are first tested for impairment and then reclassified to oil and gas properties within PP&E. The net carrying value of oil and gas properties is depleted using the unit-of-production method based on estimated proved plus probable oil and natural gas reserves. Future development costs, which are the estimated costs necessary to bring those reserves into production, are included in the depletable base. For purposes of this calculation, oil and natural gas reserves are converted to a common unit of measurement on the basis of their relative energy content where six thousand cubic feet of natural gas equates to one barrel of oil. With respect to our mining assets, exploration costs relating to properties are charged to earnings in the year in which they are incurred. When it is determined that a mining property can be economically developed as a result of reserve potential and subsequent exploration, expenditures are capitalized. Determination as to reserve potential is based on the results of studies, which indicate whether production from a property is economically feasible. Upon commencement of commercial production of a development project these costs are amortized using the unit-of-production method over the proven and probable reserves. As part of its mining operations, the partnership incurs stripping costs both during the development phase and production phase of its operations. Stripping costs incurred as part of development stage mining activities incurred by the partnership are deferred and capitalized as part of mining properties. Stripping costs incurred during the production stage are incurred in order to produce inventory or to improve access to ore which will be mined in the future. Where the costs are incurred to produce inventory, the production stripping costs are accounted for as a cost of producing those inventories. Where the costs are incurred to improve access to ore which will be mined in the future, the costs are deferred and capitalized as a stripping activity asset (included in mining interest) if the following criteria are met: improved access to the ore body is probable; the component of the ore body can be accurately identified; and the costs relating to the stripping activity associated with the component can be reliably measured. If these criteria are not met the costs are expensed in the period in which they are incurred. The stripping activity asset is subsequently depleted using the units-of-production depletion method over the life of the identified component of the ore body to which access has been improved as a result of the stripping activity. |
Asset impairment | At each reporting date the partnership assesses whether for assets, other than those measured at fair value with changes in values recorded in net income, there is any indication that such assets or cash generating units are impaired. This assessment includes a review of internal and external factors which includes, but is not limited to, changes in the technological, political, economic or legal environment in which the entity operates in, structural changes in the industry, changes in the level of demand, physical damage and obsolescence due to technological changes. An impairment is recognized if the recoverable amount, determined as the higher of the estimated fair value less costs of disposal or the discounted future cash flows generated from use and eventual disposal from an asset or cash generating unit is less than their carrying value. The projections of future cash flows take into account the relevant operating plans and management’s best estimate of the most probable set of conditions anticipated to prevail. Where an impairment loss subsequently reverses, the carrying amount of the asset or cash generating unit is increased to the lesser of the revised estimate of recoverable amount and the carrying amount that would have been recorded had no impairment loss been recognized previously. |
Intangible assets | Intangible assets acquired in a business combination and recognized separately from goodwill are initially recognized at their fair value at the acquisition date. The partnership’s intangible assets are comprised primarily of water and sewage concession rights, computer software, trademarks, distribution networks, patents, product development, customer relationships, loyalty program, brand and technology. Subsequent to initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as intangible assets acquired separately. Intangible assets are amortized on a straight line basis over the following periods: Water and sewage concession agreements Up to 40 years Brand names Up to 20 years Computer software Up to 10 years Customer relationships Up to 30 years Patents and trademarks Up to 40 years Proprietary technology Up to 15 years Product development costs Up to 5 years Distribution networks Up to 25 years Loyalty program Up to 15 years Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the statement of operating results when the asset is derecognized. Service concession arrangements which provide the partnership the right to charge users for the services are accounted for as an intangible asset under IFRIC 12, Service Concession Arrangements. Water and sewage concession agreements were acquired as part of the acquisition of BRK Ambiental, the Brazilian water, wastewater and industrial water and sewerage services company and were initially recognized at their fair values. Further information on the acquisition is available in Note 3. Loyalty program represents the partnership's contractual right to issue loyalty points through a pre-existing loyalty program. The loyalty program was acquired as part of the acquisition of our fuel marketing business and was initially recognized at fair value. |
Goodwill | Goodwill represents the excess of the price paid for the acquisition of a business over the fair value of the net tangible and intangible assets and liabilities acquired. Goodwill is allocated to the cash generating unit or units to which it relates. The partnership identifies cash generating units as identifiable groups of assets that are largely independent of the cash inflows from other assets or groups of assets. Goodwill is evaluated for impairment on an annual basis. Impairment is determined for goodwill by assessing if the carrying value of a cash generating unit, including the allocated goodwill, exceeds its recoverable amount determined as the greater of the estimated fair value less costs of disposal or the value in use. Impairment losses recognized in respect of a cash generating unit are first allocated to the carrying value of goodwill and any excess is allocated to the carrying amount of assets in the cash generating unit. Any goodwill impairment is charged to impairment expense, net on the statement of operating results in the period in which the impairment is identified. Impairment losses on goodwill are not subsequently reversed. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the gain or loss on disposal of the operation. |
Revenue recognition | Business Services Construction Services Our construction services business provides end-to-end design and development solutions for our customers. The work performed on these contracts creates or enhances an asset that our customer controls and accordingly we recognize revenue on these contracts over a period of time. The partnership uses an input method, the cost-to-cost method, to measure progress towards complete satisfaction of the performance obligations under IFRS 15. As work is performed, a contract asset in the form of contracts-in-progress is recognized, which is reclassified to accounts receivable when invoiced to the customer. If payment is received in advance of work being completed, a contract liability is recognized. Refer to Note 16 for further information on contracts-in-progress balances. There is not considered to be a significant financing component in construction contracts as the period between the recognition of revenue under the cost-to-cost method and when payment is received is typically less than one year. IFRS 15 requires a highly probable criterion with regards to recognizing revenue arising from variable consideration resulting from contract modifications and claims. For variable consideration, revenue is only recognized to the extent that it is highly probable that a significant reversal in the amount of revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Fuel Distribution & Marketing The fees and related costs for providing road fuel distribution and marketing are recognized at a point in time when the services are provided. Revenue from the sale of goods in our UK road fuel service operation represents net invoiced sales of fuel products and Renewable Transport Fuel Obligation ("RTFO") certificates, excluding value added taxes but including excise duty, which has been assessed to be a production tax and recorded as part of consideration received. Revenue is recognized at the point that title passes to the customer. Facilities Management The fees and related costs for providing facilities management services are recognized over the time in which the services are provided. Real Estate Services The fees and related costs for providing real estate and logistics services are recognized over the time in which the services are provided. Associated with the delivery of certain service contracts, our partnership also earns revenue from home sale transactions and referral fees from suppliers utilized in servicing these contracts. These revenue transactions are recognized as follows: • Home Sale: The partnership earns home sale revenue from two types of contracts: cost-plus home sale and fixed fee home sale contracts. Under a cost-plus home sale contract, the partnership earns a performance fee and bears no risk of loss with respect to costs incurred. Revenues and related costs associated with the purchase and resale of residences under cost-plus contracts are recognized on a net basis over the period in which services are provided as the Partnership does not have control over the home prior to transfer to the customer. Under a fixed fee home sale contract, the partnership earns a fixed fee based upon a percentage of the acquisition cost of the residential property. This fee revenue is recognized when title is transferred to the customer as the partnership’s performance obligation is complete at this time. The revenues and expenses related to the home sale itself are recorded on a gross basis. • Referral fees: The partnership earns referral fees from various suppliers who provide services to customers through our service offerings. A significant portion of the referral fee revenue is generated from the closing of a home sale or purchase transaction, under which the partnership earns a percentage of the commissions received by the real estate agent on the purchase or sale of a home by the customer. Referral fees from home purchases or sales are recognized upon the closing date of the real estate transaction. The partnership recognizes referral fees from other suppliers upon completion of the services. Infrastructure Services Power Generation Service Provider Sales of products are recognized at a point in time when the product is shipped and control passes to the customer. Revenue from contracts to provide engineering, design or other services are recognized and reported over time based on an appropriate measure of progress over time. The partnership uses an input method, the cost-to-cost method, to measure progress towards complete satisfaction of the performance obligations under IFRS 15. IFRS 15 requires a highly probable criterion with regards to recognizing revenue arising from variable consideration and contract modification and claims. For variable consideration, revenue is only to be recognized to the extent that it is highly probable that a significant reversal in the amount of revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Offshore Oil Production Service Provider The partnership primary source of revenues is chartering its vessels and offshore units to its customers. The partnership's primary forms of contracts consists of floating production storage and offloading (or "FPSO") contracts and contracts of affreightment (or "CoA"). • FPSO contracts: Pursuant to an FPSO contract, the partnership charters an FPSO unit to a customer for a fixed period of time, generally more than one year. The performance obligations within an FPSO contract, which will include the use of the FPSO unit to the charterer as well as the operation of the FPSO unit, are satisfied as services are rendered over the duration of such contract, as measured using the time that has elapsed from commencement of performance. Some FPSO contacts include variable consideration components in the form of expense adjustments or reimbursements, incentive compensation and penalties. Variable consideration under the partnership’s contracts is typically recognized as incurred as either such revenues are allocated and accounted for under lease accounting requirements or alternatively such consideration is allocated to the distinct period in which such variable consideration was earned. • Contracts of Affreightment: Voyages performed pursuant to a CoA for the partnership’s shuttle tankers are priced based on the pre-agreed terms in the CoA. The performance obligations within a voyage performed pursuant to a CoA, which typically include the use of the vessel to the charterer as well as the operation of the vessel, are satisfied as services are rendered over the duration of the voyage, as measured using the time that has elapsed from commencement of performance. The duration of a single voyage will typically be less than two weeks. Industrial Operations Manufacturing Sales of goods are recognized at a point in time when the product is shipped and control passes to the customer. Services revenues are recognized over time when the services are provided over time. Mining Revenue from our mining business is made under provisional pricing arrangements. Revenue from the sale of palladium and by-product metals is provisionally recognized based on quoted market prices upon the delivery of concentrate to the smelter or designated shipping point, which is when significant rights and obligations of ownership pass and title and control is transferred. The business’ smelter contract provides for final prices to be determined by quoted market prices in a period subsequent to the date of concentrate delivery. The period between provisional invoicing and final pricing, or settlement period, is typically between 30 and 150 days . The fair value of the final sales price adjustment is re-estimated by reference to forward market prices at each period end and changes in fair value are recognized as an adjustment to revenue. As a result, the accounts receivable amounts related to this business are recorded at fair value. Energy Commodities and Services Revenue from the sale of oil and gas is recognized at a point in time when title and control of the product passes to an external party, based on volumes delivered and contractual delivery points and prices. Revenue for the production in which the partnership has an interest with other producers is recognized based on the partnership’s working interest. Revenue is measured net of royalties to reflect the deduction for other parties’ proportionate share of the revenue. Revenue from the rendering of services is recognized at a point in time when significant rights and obligations of ownership pass and title and control is transferred. Remaining Performance Obligations Business Services In our construction services business, backlog is defined as revenue yet to be delivered (i.e. remaining performance obligations) on construction projects that have been secured via an executed contract, work order, or letter of intent. The total backlog for our construction services operations equates to approximately two years of activity. Industrial Operations Our Brazilian water and wastewater services is party to certain remaining performance obligations which have a duration of more than one year. The most significant remaining performance obligations at January 1, 2018 relate to the service concession arrangements with various municipalities which have an average term of 25 years . |
Contract work in progress | The gross amount due from customers for contract work for all contracts in progress for which costs incurred plus recognized profits (less recognized losses) exceed progress billings, is generally presented as an asset. Progress billings not yet paid by customers and retentions are included within the trade and other receivables balance. The gross amounts due to customers for contract work for all contracts in progress for which progress billings exceed costs incurred plus recognized profits (less recognized losses) is generally presented as a liability. Construction work in progress on construction contracts is stated at cost plus profit recognized to date calculated in accordance with the percentage of completion method, including retentions payable and receivable, less a provision for foreseeable losses and progress payments received to date. |
Financial instruments and hedge accounting | The partnership selectively utilizes derivative financial instruments primarily to manage financial risks, including commodity price risk and foreign exchange risks. Derivative financial instruments are recorded at fair value. Hedge accounting is applied when the derivative is designated as a hedge of a specific exposure and there is assurance that it will continue to be highly effective as a hedge based on an expectation of offsetting cash flows or fair value. Hedge accounting is discontinued prospectively when the derivative no longer qualifies as a hedge or the hedging relationship is terminated. Once discontinued, the cumulative change in fair value of a derivative that was previously recorded in other comprehensive income by the application of hedge accounting is recognized in profit or loss over the remaining term of the original hedging relationship as amounts related to the hedged item are recognized in profit or loss. The assets or liabilities relating to unrealized mark-to-market gains and losses on derivative financial instruments are recorded in financial assets and financial liabilities, respectively. (i) Items classified as hedges Realized and unrealized gains and losses on foreign exchange contracts and foreign currency debt that are designated as hedges of currency risks relating to a net investment in a subsidiary with a functional currency other than the U.S. dollar are included in equity and are included in net income in the period in which the subsidiary is disposed of or to the extent partially disposed and control is not retained. Derivative financial instruments that are designated as hedges to offset corresponding changes in the fair value of assets and liabilities and cash flows are measured at estimated fair value with changes in fair value recorded in profit or loss or as a component of equity, as applicable. Unrealized gains and losses on interest rate contracts designated as hedges of future variable interest payments are included in equity as a cash flow hedge when the interest rate risk relates to an anticipated variable interest payment. The periodic exchanges of payments on interest rate swap contracts designated as hedges of debt are recorded on an accrual basis as an adjustment to interest expense. The periodic exchanges of payments on interest rate contracts designated as hedges of future interest payments are amortized into profit or loss over the term of the corresponding interest payments (ii) Items not classified as hedges Derivative financial instruments that are not designated as hedges are recorded at estimated fair value, and gains and losses arising from changes in fair value are recognized in net income in the period the changes occur. Realized and unrealized gains on other derivatives not designated as hedges are recorded in other income (expenses), net. Classification and measurement The table below summarizes the partnership’s classification and measurement of financial assets and liabilities, under IFRS 9 and IAS 39: IFRS 9 Measurement Category IAS 39 Measurement Category Statement of Financial Position Account Financial assets Cash and cash equivalents Amortized cost Amortized cost Cash and cash equivalents Accounts receivable Amortized cost / FVTPL Amortized cost / Fair Value Accounts and other receivable, net Restricted cash Amortized cost Amortized cost Financial assets Equity securities FVTPL / FVOCI Fair Value Financial assets Debt securities FVTPL / FVOCI / Amortized cost Amortized cost / Fair Value Financial assets Derivative assets FVTPL (1) Fair Value Financial assets Other financial assets Amortized cost / FVTPL / FVOCI Amortized cost / Fair Value Financial assets Financial liabilities Borrowings Amortized cost Amortized cost Borrowings Accounts payable and other Amortized cost Amortized cost Accounts payable and other Derivative liabilities FVTPL (1) Fair value Accounts payable and other ____________________________________ (1) Derivatives are classified and measured at FVTPL except those designated in hedging relationships. The classification depends on the specific business model for managing the financial instruments and the contractual cash flow characteristics of the financial asset. The partnership maintains a portfolio of marketable securities comprised of equity and debt securities. The marketable securities are recognized on their trade date. They are subsequently measured at fair value at each reporting date with the change in fair value recorded in either profit or loss ("FVTPL") or other comprehensive income ("FVOCI"). For investments in debt instruments, this will depend on the business model in which the investments are held and the cash flow characteristics of the debt instruments. At initial recognition, the partnership measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss. Financial assets are classified as amortized cost based on their contractual cash flow characteristics and the business model in which they are held. Financial assets classified as amortized cost are recorded initially at fair value, then subsequently measured at amortized cost using the effective interest method, less any impairment. |
Impairment | The partnership recognizes a loss allowance for expected credit losses on debt investments measured subsequently at amortized costs or at FVTOCI, trade receivables and contract assets. The partnership measures the loss allowance for a financial instrument at an amount equal to the lifetime expected credit losses (ECL) if the credit risk on a financial instrument has increased significantly since initial recognition. If the credit risk on a financial instrument has not increased significantly, the partnership measures the loss allowance for that financial instrument at an amount equal to 12-months ECL. In making this assessment, the partnership considers information that is reasonable and supportable, including historical experience and forward‑looking information that is available without undue cost or effort. The partnership utilizes a simplified approach for measuring the loss allowance at an amount equal to the lifetime ECL for trade receivables and contract assets. The ECL on trade receivables are estimated using a provision matrix by reference to past default experience of the debtor and an analysis of the debtor’s current financial position, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate and an assessment of both the current as well as the forecast direction of conditions at the reporting date. |
Fair value measurement | Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the partnership takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value measurement is disaggregated into three hierarchical levels: Level 1, 2 or 3. Fair value hierarchical levels are directly based on the degree to which th e inputs to the fair value measurement are observable. The levels are as follows: Level 1 - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 - Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the asset’s or liability’s anticipated life. Level 3 - Inputs are unobservable and reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs in determining the estimate. |
Income taxes | Brookfield Business Partners L.P. is a flow-through entity for tax purposes and as such is not subject to Bermudian taxation. However, income taxes are recognized for the amount of taxes payable by the holding entities, and any direct or indirect corporate subsidiaries of such holding entities. Income tax expense represents the sum of the tax accrued in the period and deferred income tax. The separate returns method was used to determine taxes for periods prior to June 20, 2016. (i) Current income tax Current income tax assets and liabilities are measured at the amount expected to be paid to tax authorities, net of recoveries based on the tax rates and laws enacted or substantively enacted at the reporting date. (ii) Deferred income tax Deferred income tax liabilities are provided for using the liability method on temporary differences between the tax bases used in the computation of taxable income and carrying amounts of assets and liabilities in the consolidated financial statements. Deferred income tax assets are recognized for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is probable that deductions, tax credits and tax losses can be utilized. Such deferred income tax assets and liabilities are not recognized if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the taxable income nor the accounting income, other than in a business combination. The carrying amount of deferred income tax assets are reviewed at each reporting date and reduced to the extent it is no longer probable that the income tax asset will be recovered. Deferred income tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries and equity accounted investments, and interests in joint ventures, except where the partnership is able to control the reversal of the temporary difference and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred income tax assets arising from deductible temporary differences associated with such investments and interests are only recognized to the extent that it is probable that there will be sufficient taxable income against which to utilize the benefits of the temporary differences and they are expected to reverse in the foreseeable future. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred income tax liabilities and assets reflect the tax consequences that would follow from the manner in which the partnership expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority within a single taxable entity or the partnership intends to settle its current tax assets and liabilities on a net basis in the case where there exist different taxable entities in the same taxation authority and when there is a legally enforceable right to set off current tax assets against current tax liabilities. |
Provisions | Provisions are recognized when the partnership has a present obligation either legal or constructive as a result of a past event, it is probable that the partnership will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. Provisions are recorded within accounts payable and other in the consolidated statements of financial position. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the obligation, its carrying amount is the present value of those cash flows. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, the receivable is recognized as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. (i) Provisions for defects Provisions made for defects are based on a standard percentage charge of the aggregate contract value of completed construction projects and represents a provision for potential latent defects that generally manifest over a period of time following practical completion. Claims against the partnership are also recorded as part of provisions for defects when it is probable that the partnership will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. (ii) Decommissioning liability Certain of the partnership’s subsidiaries are engaged in oil and gas and mining activities. For these businesses, there are typically decommissioning liabilities related to the requirement to remediate the property where operations are conducted. The partnership recognizes a decommissioning liability in the period in which it has a present legal or constructive liability and a reasonable estimate of the amount can be made. Liabilities are measured based on current requirements, technology and price levels and the present value is calculated using amounts discounted over the useful economic lives of the assets. Amounts are discounted using a rate that reflects the risks specific to the liability. On a periodic basis, management reviews these estimates and changes, if any, will be applied prospectively. The fair value of the estimated decommissioning liability is recorded as a long term liability, with a corresponding increase in the carrying amount of the related asset. The capitalized amount is depleted on a unit-of-production basis over the life of the proved plus probable reserves. The liability amount is increased in each reporting period due to the passage of time, and the amount of accretion is charged to finance expense in the period. Periodic revisions to the estimated timing of cash flows, to the original estimated undiscounted cost and to changes in the discount rate can also result in an increase or decrease to the decommissioning liability. Actual costs incurred upon settlement of the obligation are recorded against the decommissioning liability to the extent of the liability recorded. |
Pensions and other post-employment benefits | Certain of the partnership’s subsidiaries offer post-employment benefits to their employees by way of a defined contribution plan. Payments to defined contribution pension plans are expensed as they fall due. Certain of the partnership’s subsidiaries offer defined benefit plans. Defined benefit pension expense, which includes the current year’s service cost, is included in direct operating costs within the consolidated statements of operating results. For each defined benefit plan, we recognize the present value of our defined benefit obligations less the fair value of the plan assets, as a defined benefit asset or liability reported as other assets or accounts payable and other in our consolidated statements of financial position. The partnership’s obligations under its defined benefit pension plans are determined periodically through the preparation of actuarial valuations. The cost of pensions and other retirement benefits earned by employees is actuarially determined using the projected unit credit method (also known as the projected benefit method pro-rated on service) and management’s best estimate of plan investment performance, salary escalation, retirement ages of employees and their expected future longevity. For the purposes of calculating the expected return on plan assets, those assets are measured at fair value. The partnership recognizes actuarial gains and losses in other comprehensive income (loss) in the period in which those gains and losses occur. |
Assets held for sale | Non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the non-current asset or disposal group is available for immediate sale in its present condition. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification subject to limited exceptions. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell and are classified as current. Once classified as held for sale, property, plant and equipment and intangible assets, are not depreciated or amortized, respectively. |
Critical accounting judgments and key sources of estimation uncertainty | The preparation of financial statements requires management to make critical judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses that are not readily apparent from other sources, during the reporting period. These estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Critical judgments made by management and utilized in the normal course of preparing the partnership’s consolidated financial statements are outlined below. (i) Business Combinations The partnership accounts for business combinations using the acquisition method of accounting. The allocation of fair values to assets acquired and liabilities assumed through an acquisition requires numerous estimates that affect the valuation of certain assets and liabilities acquired including discount rates, operating costs, revenue estimates, commodity prices, future capital costs and other factors. The determination of the fair values may remain provisional for up to 12 months from the date of acquisition due to the time required to obtain independent valuations of individual assets and to complete assessments of provisions. When the accounting for a business combination has not been completed as of the reporting date, this is disclosed in the financial statements, including observations on the estimates and judgments made as of the reporting date. (ii) Determination of Control We consolidate an investee when we control the investee, with control existing if, and only if, we have power over the investee; exposure, or rights, to variable returns from our involvement with the investee; and the ability to use our power over the investee to affect the amount of the partnership’s returns. In determining if we have power over an investee, we make judgments when identifying which activities of the investee are relevant in significantly affecting returns of the investee and the extent of our existing rights that give us the current ability to direct the relevant activities of the investee. We also make judgments as to the amount of potential voting rights which provides us voting powers, the existence of contractual relationships that provide us voting power and the ability to appoint directors. We enter into voting agreements to provide the partnership with the ability to contractually direct the relevant activities of the investee (formally referred to as ‘‘power’’ within IFRS 10, Consolidated Financial Statements). In assessing if we have exposure, or rights, to variable returns from our involvement with the investee we make judgments concerning whether returns from an investee are variable and how variable those returns are on the basis of the substance of the arrangement, the size of those returns and the size of those returns relative to others, particularly in circumstances where our voting interest differs from our ownership interest in an investee. In determining if we have the ability to use our power over the investee to affect the amount of our returns we make judgments when we are an investor as to whether we are a principal or agent and whether another entity with decision- making rights is acting as an agent for us. If we determine that we are acting as an agent, as opposed to a principal, we do not control the investee. (iii) Common Control Transactions IFRS 3, Business Combinations (‘‘IFRS 3’’) does not include specific measurement guidance for transfers of businesses or subsidiaries between entities under common control. Accordingly, the partnership has developed an accounting policy to account for such transactions taking into consideration other guidance in the IFRS framework and pronouncements of other standard-setting bodies. The partnership’s policy is to record assets and liabilities recognized as a result of transactions between entities under common control at the carrying values in the transferor’s financial statements. (iv) Indicators of Impairment Judgment is applied when determining whether indicators of impairment exist when assessing the carrying values of the partnership’s assets, including: the determination of the partnership’s ability to hold financial assets; the estimation of a cash generating unit’s future revenues and direct costs; and the determination of discount rates, and when an asset’s carrying value is above the value derived using publicly traded prices which are quoted in a liquid market. For some of our assets forecasting the recoverability and economic viability of property and equipment requires an estimate of reserves. The process for estimating reserves is complex and requires significant interpretation and judgment. It is affected by economic conditions, production, operating and development activities, and is performed using available geological, geophysical, engineering and economic data. (v) Revenue Recognition Certain of the partnership’s subsidiaries use the cost-to-cost method to account for their contract revenue. The stage of completion is measured by reference to actual costs incurred to date as a percentage of estimated total costs for each contract. Significant assumptions are required to estimate the total contract costs and the recoverable variation works that affect the stage of completion and the contract revenue respectively. In making these estimates, management has relied on past experience or where necessary, the work of experts. (vi) Financial Instruments Judgments inherent in accounting policies relating to derivative financial instruments relate to applying the criteria to the assessment of the effectiveness of hedging relationships. Estimates and assumptions used in determining the fair value of financial instruments are: equity and commodity prices; future interest rates; the credit worthiness of the partnership relative to its counterparties; the credit risk of the partnership’s counterparties; estimated future cash flows; discount rates and volatility utilized in option valuations. (vii) Decommissioning Liabilities Decommissioning costs will be incurred at the end of the operating life of some of our oil and gas facilities and mining properties. These obligations are typically many years in the future and require judgment to estimate. The estimate of decommissioning costs can vary in response to many factors including changes in relevant legal regulatory, and environmental requirements, the emergence of new restoration techniques or experience at other production sites. Inherent in the calculations of these costs are assumptions and estimates including the ultimate settlement amounts, inflation factors, discount rates, and timing of settlements. (viii) Oil and Gas Properties The process of estimating the partnership’s proved and probable oil and gas reserves requires significant judgment and estimates. Factors such as the availability of geological and engineering data, reservoir performance data, acquisition and divestment activity, drilling of new wells, development costs and commodity prices all impact the determination of the partnership’s estimates of its oil and gas reserves. Future development costs are based on estimated proved and probable reserves and include estimates for the cost of drilling, completing and tie in of the proved undeveloped and probable additional reserves and may vary based on geography, geology, depth, and complexity. Any changes in these estimates are accounted for on a prospective basis. Oil and natural gas reserves also have a direct impact on the assessment of the recoverability of asset carrying values reported in the financial statements. (ix) Other Other estimates and assumptions utilized in the preparation of the partnership’s financial statements are: the assessment or determination of recoverable amounts; depreciation and amortization rates and useful lives; estimation of recoverable amounts of cash-generating units for impairment assessments of goodwill and intangible assets; and ability to utilize tax losses and other tax measurements. Other critical judgments include the determination of functional currency. |
Earnings (loss) per Limited Partnership Unit | The partnership calculates basic earnings (loss) per unit by dividing net income attributable to limited partners by the weighted average number of limited partnership units outstanding during the period. For the purpose of calculating diluted earnings (loss) per unit, the partnership adjusts net income (loss) attributable to limited partners, and the weighted average number of limited partnership units outstand ing, for the effects of all dilutive potential limited partnership units |
Leases | Leases are classified as finance leases when the terms of the lease transfer substantially all the risks and rewards incidental to ownership of the lease to the lessee. All other leases are classified as operating leases. Assets held under finance leases are initially recognized at their fair value or, if lower, at amounts equal to the present value of the minimum lease payments, each determined at the inception of the lease. The corresponding liability to the lessor is included in the consolidated statements of financial position as a finance lease obligation within accounts payable and other. Lease payments are apportioned between finance charges and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are charged directly against income. Finance lease assets are amortized on a straight line basis over the estimated useful life of the asset. |
Future Changes in Accounting Policies | (i) Leases In January 2016, the IASB published a new standard, IFRS 16, Leases ("IFRS 16"). The new standard brings most leases on the statement of financial position, eliminating the distinction between operating and finance leases. Lessor accounting, however, remains largely unchanged and the distinction between operating and finance leases is retained. IFRS 16 supersedes IAS 17, Leases and rel ated interpretations and is effective for periods beginning on or after January 1, 2019. The partnership will adopt IFRS 16 using the modified retrospective method whereby any transitional impact is recorded in equity as at January 1, 2019 and comparative periods are not restated. The partnership will apply certain transition reliefs, practical expedients and policy choice options on adoption of the new standard. Specifically, the partnership has elected to apply practical expedients associated with short-term leases. After leading strategic planning sessions with its subsidiaries and associates, the partnership implemented an adoption project plan. The partnership used the population of existing contractual arrangements to complete the identification of leases that are required to be recognized in the consolidated statement of financial position under the new standard. Additionally, the partnership has substantially completed quantifying the present value of the identified lease contracts to determine the impact on adoption, except for acquisitions that closed in the fourth quarter of 2018. At this time, the partnership has nearly finalized the documented analysis and assessment of the potential impact to IT systems and internal controls and has drafted a preliminary version of the disclosures required by the new standard. The estimated range of the transitional impact of the new standard, excluding the impact of acquisitions closed in the last quarter of the year, is an increase in total assets and liabilities of $880 million to $1,080 million, and no significant impact to equity. These are preliminary estimates and subject to change as the partnership completes the adoption procedures and evaluates and quantifies the IFRS 16 impact of the acquisitions closed in the fourth quarter of 2018. (ii) Uncertainty over Income Tax Treatments In June 2017, the IASB published IFRIC 23, Uncertainty over Income Tax Treatments ("IFRIC 23") effective for annual periods beginning on or after January 1, 2019. The interpretation requires an entity to assess whether it is probable that a tax authority will accept an uncertain tax treatment used, or proposed to be used, by an entity in its income tax filings and to exercise judgment in determining whether each tax treatment should be considered independently or whether some tax treatments should be considered together. The decision should be based on which approach provides better predictions of the resolution of the uncertainty. An entity also has to consider whether it is probable that the relevant authority will accept each tax treatment, or group of tax treatments, assuming that the taxation authority with the right to examine any amounts reported to it will examine those amounts and will have full knowledge of all relevant information when doing so. The interpretation may be applied on either a fully retrospective basis or a modified retrospective basis without restatement of comparative information. The partnership is currently evaluating the impact of IFRIC 23 on its consolidated financial statements. (iii) Business Combinations In October 2018, the IASB issued an amendment to IFRS 3, Business Combinations (“IFRS 3”), effective for annual periods beginning on or after January 1, 2020. The amendment clarifies the definition of a business and assists companies in determining whether an acquisition is a business combination or an acquisition of a group of assets. The amendment emphasizes that the output of a business is to provide goods and services to customers and also provides supplementary guidance. The company will adopt the standard prospectively and is currently evaluating the impact on its consolidated financial statements. |
New accounting policies adopted | The partnership has applied new and revised standards issued by the IASB that are effective for the period beginning on or after January 1, 2018. (i) Revenue from Contracts with Customers IFRS 15, Revenue from Contracts with Customers ("IFRS 15") specifies how and when revenue should be recognized as well as requiring additional disclosures. IFRS 15 requires disclosure regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. IFRS 15 supersedes IAS 18, Revenue, IAS 11, Construction Contracts and a number of revenue-related interpretations. IFRS 15 applies to nearly all contracts with customers: the main exceptions are leases, financial instruments and insurance contracts. The partnership adopted the standard using the modified retrospective approach, in which a cumulative catch-up adjustment is recorded through opening retained earnings on January 1, 2018 as if the standard had always been in effect and whereby comparative periods are not restated. The partnership elected to use the practical expedient for contract modifications. On adoption, the partnership recorded a reduction in opening retained earnings of approximatively $260 million, attributable to the partnership net of taxes, mainly from our construction services business. Under IFRS 15, revenue from the partnership’s construction services contracts will continue to be recognized over time, however, a higher threshold of probability must be achieved prior to recognizing revenue from variable consideration such as incentives and claims and variations resulting from contract modifications. Under IAS 18 and IAS 11, revenue was recognized when it is probable that work performed will result in revenue whereas under IFRS 15, revenue is recognized when it is highly probable that a significant reversal of revenue will not occur for these modifications. Refer to Note 2(af) for impact on adoption of IFRS 15. (ii) Financial Instruments In July 2014, the IASB issued the final publication of IFRS 9, Financial Instruments ("IFRS 9") superseding IAS 39, Financial Instruments: Recognition and Measurement. IFRS 9 establishes principles for the financial reporting of financial assets and financial liabilities that will present relevant and useful information to users of financial statements for their assessment of the amounts, timing and uncertainty of an entity's future cash flows. This new standard also includes a new general hedge accounting standard which aligns hedge accounting more closely with an entity's risk management activities. It does not fully change the types of hedging relationships or the requirement to measure and recognize ineffectiveness, however, it provides more hedging strategies that are used for risk management to qualify for hedge accounting and introduces greater judgment to assess the effectiveness of a hedging relationship. Apart from the requirements applicable to hedge accounting, which have been applied on a prospective basis, the partnership adopted the standard using the retrospective approach without restatement, in which a cumulative catch-up adjustment is recorded through opening retained earnings on January 1, 2018 as if the standard had always been in effect and whereby comparative periods are not restated, comparative periods are presented under IAS 39. On adoption, the partnership recorded an adjustment in opening retained earnings of $nil attributable to the partnership net of taxes. Refer to Note 2(t) for impact on adoption of IFRS 9. (iii) Foreign Currency Transactions and Advance Consideration In December 2016, the IASB issued IFRIC 22, Foreign Currency Transaction and Advance Consideration ("IFRIC 22"), effective for annual periods beginning on or after January 1, 2018. The interpretation clarifies that the date of the transaction for the purpose of determining the exchange rate to use on initial recognition of the related asset, expense or income (or part of it) is the date on which an entity initially recognizes the non-monetary asset or non-monetary liability arising from the payment or receipt of advance consideration. The interpretation has been applied prospectively. The adoption of IFRIC 22 did not have a significant impact on the financial statements. |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Disclosure of interests in subsidiaries | The following provides information about our partnership's wholly-owned subsidiaries as of December 31, 2018 and 2017 : Defined Name Name of entity Country of incorporation Voting interest (%) Economic interest (%) 2018 2017 2018 2017 Business Services Financial advisory services business BFIN Canada 100 % 100 % 100 % 100 % Residential real estate services business Brookfield RPS Limited Canada 100 % 100 % 100 % 100 % Construction services business Multiplex United Kingdom 100 % 100 % 100 % 100 % The following table presents details of non-wholly owned subsidiaries of our partnership: Defined Name Name of entity Country of incorporation Voting interest (%) Economic interest (%) 2018 2017 2018 2017 Business Services Condominium management services business Crossbridge Condominium Services Ltd. Canada 90 % 90 % 90 % 90 % IT storage facilities management business WatServ Canada 75 % 75 % 75 % 75 % Fuel marketing business BG Fuels Canada 100 % 100 % 26 % 26 % Facilities management business BGIS Global Integrated Solutions Canada 100 % 100 % 26 % 26 % Cold storage logistics Nova Cold Logistics Canada 100 % 100 % 25 % 25 % Road fuel distribution business Greenergy Fuels Holding Limited United Kingdom 85 % 85 % 14 % 14 % Wireless broadband Imagine Communications Group Limited Ireland 55 % — % 31 % — % Infrastructure services Infrastructure services provider to the power generation industry Westinghouse Electric Company United States of America 100 % — % 44 % — % Services provider to the offshore oil production industry Teekay Offshore Partners L.P. United States of America 51 % — % 25 % — % Industrial operations Limestone mining operations Hammerstone Corporation Canada 100 % 100 % 39 % 39 % Graphite electrode manufacturing business GrafTech International Ltd. United States of America 79 % 100 % 27 % 34 % Water and wastewater services BRK Ambiental Brazil 70 % 70 % 26 % 26 % Infrastructure support products manufacturing operation AP Infrastructure Solutions LP Canada 100 % 100 % 25 % 25 % Palladium mining operation North American Palladium Ltd. Canada 91 % 92 % 23 % 23 % Provider of returnable plastic packaging Schoeller Allibert Group B.V. Netherlands 52 % — % 14 % — % Canadian well-servicing operation CWC Energy Services Corp. Canada 78 % 78 % 56 % 56 % Canadian energy operation Ember Resources Inc. Canada 100 % 100 % 41 % 41 % The following tables present the gross assets and liabilities as well as gross amounts of revenue, net income, other comprehensive income and distributions from the partnership’s investments in material non-wholly owned subsidiaries for the years ended December 31, 2018 , 2017 and 2016 : Year Ended December 31, 2018 Total Profit/(loss) allocated to others ownership interest Distributions to others ownership interest Equity to others ownership interest (US$ MILLIONS) Current assets Non-current assets Current liabilities Non-current liabilities Revenue Profit/(loss) OCI Business services $ 2,413 $ 1,773 $ 3,113 $ 475 $ 25,785 $ (20 ) $ 4 $ (20 ) $ (46 ) $ 424 Infrastructure services 2,889 8,750 2,921 6,208 2,419 282 (121 ) 170 (16 ) 1,534 Industrial operations 1,991 5,656 1,040 4,823 3,894 895 (239 ) 612 (1,542 ) 1,425 Total $ 7,293 $ 16,179 $ 7,074 $ 11,506 $ 32,098 $ 1,157 $ (356 ) $ 762 $ (1,604 ) $ 3,383 Year Ended December 31, 2017 Total Profit/(loss) allocated to others ownership interest Distributions to others ownership interest Equity to others ownership interest (US$ MILLIONS) Current assets Non-current assets Current liabilities Non-current liabilities Revenue Profit/(loss) OCI Business services $ 2,606 $ 1,744 $ 2,774 $ 948 $ 15,676 $ 45 $ 11 $ 35 $ 46 $ 476 Industrial operations 1,095 5,812 904 2,731 1,913 (4 ) 41 4 25 2,338 Total $ 3,701 $ 7,556 $ 3,678 $ 3,679 $ 17,589 $ 41 $ 52 $ 39 $ 71 $ 2,814 Year Ended December 31, 2016 Total Profit/(loss) allocated to others ownership interest Distributions to others ownership interest Equity to others ownership interest (US$ MILLIONS) Current assets Non-current assets Current liabilities Non-current liabilities Revenue Profit/(loss) OCI Business services $ 437 $ 494 $ 402 $ 253 $ 1,347 $ 25 $ 5 $ 15 $ 8 $ 198 Industrial operations 775 2,349 349 1,022 1,491 (323 ) 42 (206 ) 10 1,131 Total $ 1,212 $ 2,843 $ 751 $ 1,275 $ 2,838 $ (298 ) $ 47 $ (191 ) $ 18 $ 1,329 The following table outlines the composition of accumulated non-controlling interest ("NCI") related to the interest of others presented in the partnership's Consolidated Statements of Financial Position: (US$ MILLIONS) 2018 2017 NCI related to material non-wholly owned subsidiaries Business services $ 424 $ 476 Infrastructure services 1,534 — Industrial operations 1,425 2,338 Total NCI in material non-wholly owned subsidiaries $ 3,383 $ 2,814 Total individually immaterial NCI balances 148 212 Total NCI $ 3,531 $ 3,026 |
Disclosure of detailed information about property, plant and equipment | Depreciation of an asset commences when it is available for use. PP&E are depreciated on a straight line basis over the estimated useful lives of each component of the assets as follows: Buildings Up to 50 years Leasehold improvements Up to 40 years but not exceeding the term of the lease Machinery and equipment Up to 20 years Oil and gas related equipment Up to 10 years Vessels Up to 35 years (US$ MILLIONS) Land Building Machinery and Equipment Mineral Property Assets and Oil and Gas Properties Vessels Others Total Assets Gross Carrying Amount Balance at January 1, 2017 $ 89 $ 163 $ 917 $ 1,623 $ — $ 57 $ 2,849 Additions (cash and non-cash) — 24 105 48 — 18 195 Disposals (cash and non-cash) — — (22 ) (251 ) — (2 ) (275 ) Acquisitions through business combinations (1) 21 211 245 — — 26 503 Transfers and assets reclassified as held for sale (2) (12 ) (3 ) 7 (7 ) — (1 ) (16 ) Net foreign currency exchange differences 5 2 58 103 — 1 169 Balance at December 31, 2017 $ 103 $ 397 $ 1,310 $ 1,516 $ — $ 99 $ 3,425 Additions (cash and non-cash) 1 37 301 64 86 11 500 Disposals (cash and non-cash) (3 ) (5 ) (95 ) (2 ) (19 ) (7 ) (131 ) Acquisitions through business combinations (1) 44 262 801 — 3,738 68 4,913 Transfers and assets reclassified as held for sale (2) (12 ) (2 ) (13 ) 1 (13 ) 1 (38 ) Net foreign currency exchange differences (6 ) (40 ) (81 ) (119 ) — (8 ) (254 ) Balances at December 31, 2018 $ 127 $ 649 $ 2,223 $ 1,460 $ 3,792 $ 164 $ 8,415 Accumulated Depreciation and Impairment Balance at January 1, 2017 $ — $ (29 ) $ (253 ) $ (447 ) $ — $ (24 ) (753 ) Depreciation/depletion/impairment expense — (15 ) (106 ) (17 ) — (13 ) (151 ) Disposals — — 16 35 — 1 52 Transfers and assets reclassified as held for sale (2) — — (4 ) 5 — — 1 Net foreign currency exchange differences — — (17 ) (26 ) — (1 ) (44 ) Balances at December 31, 2017 (3) (4) $ — $ (44 ) $ (364 ) $ (450 ) $ — $ (37 ) $ (895 ) Depreciation/depletion/impairment expense — (28 ) (192 ) (306 ) (182 ) (12 ) (720 ) Disposals — 1 55 — 3 3 62 Transfers and assets reclassified as held for sale (2) — 1 2 — — (1 ) 2 Net foreign currency exchange differences — 5 23 50 — 5 83 Balances at December 31, 2018 (3) (4) $ — $ (65 ) $ (476 ) $ (706 ) $ (179 ) $ (42 ) $ (1,468 ) Net book value December 31, 2017 $ 103 $ 353 $ 946 $ 1,066 $ — $ 62 $ 2,530 December 31, 2018 $ 127 $ 584 $ 1,747 $ 754 $ 3,613 $ 122 $ 6,947 ____________________________________ (1) See Note 3 for additional information. (2) See Note 8 for additional information. (3) Includes accumulated impairment losses of $5 million ( 2017 : $6 million ) for machinery and equipment and $258 million ( 2017 : $57 million ) for oil and gas properties. (4) As at December 31, 2018 a total of $331 million ( 2017 : $745 million ) of future development costs were included in the depletion calculation. |
Disclosure of detailed information about intangible asset amortization periods | Intangible assets are amortized on a straight line basis over the following periods: Water and sewage concession agreements Up to 40 years Brand names Up to 20 years Computer software Up to 10 years Customer relationships Up to 30 years Patents and trademarks Up to 40 years Proprietary technology Up to 15 years Product development costs Up to 5 years Distribution networks Up to 25 years Loyalty program Up to 15 years |
Explanation of measurement bases used in preparing financial statements | The table below summarizes the partnership’s classification and measurement of financial assets and liabilities, under IFRS 9 and IAS 39: IFRS 9 Measurement Category IAS 39 Measurement Category Statement of Financial Position Account Financial assets Cash and cash equivalents Amortized cost Amortized cost Cash and cash equivalents Accounts receivable Amortized cost / FVTPL Amortized cost / Fair Value Accounts and other receivable, net Restricted cash Amortized cost Amortized cost Financial assets Equity securities FVTPL / FVOCI Fair Value Financial assets Debt securities FVTPL / FVOCI / Amortized cost Amortized cost / Fair Value Financial assets Derivative assets FVTPL (1) Fair Value Financial assets Other financial assets Amortized cost / FVTPL / FVOCI Amortized cost / Fair Value Financial assets Financial liabilities Borrowings Amortized cost Amortized cost Borrowings Accounts payable and other Amortized cost Amortized cost Accounts payable and other Derivative liabilities FVTPL (1) Fair value Accounts payable and other ____________________________________ (1) Derivatives are classified and measured at FVTPL except those designated in hedging relationships. |
Disclosure of effect of overlay approach reclassification on profit or loss | The following table is as at January 1, 2018: (US$ MILLIONS) FVTPL FVOCI Amortized Cost Total Opening balance (IAS 39) $ 166 $ 429 $ 5,852 $ 6,447 Reclassifications 211 (211 ) — — Revised opening balance (IFRS 9) $ 377 $ 218 $ 5,852 $ 6,447 |
Disclosure of initial application of standards or interpretations [text block] | The table below summarizes the IFRS 15 impact on revenue by segment for the year ended December 31, 2018 : (US$ MILLIONS) Transition Business Services Infrastructure Services Industrial Operations Corporate and Other Total Revenue as if it were under former revenue standards $ 30,723 $ 2,382 $ 3,864 $ — $ 36,969 IFRS 15 Impact 91 31 1 — 123 Total IFRS 15 Revenue $ 30,814 $ 2,413 $ 3,865 $ — $ 37,092 (US$ MILLIONS) Opening balance January 1, 2018 Adoption of new accounting standards Revised opening balance January 1, 2018 Assets Cash and cash equivalents $ 1,106 $ — $ 1,106 Financial assets 361 — 361 Accounts and other receivable, net 3,454 (98 ) 3,356 Inventory, net 1,068 4 1,072 Assets held for sale 14 — 14 Other assets 430 (60 ) 370 Current assets 6,433 (154 ) 6,279 Financial assets 423 — 423 Accounts and other receivable, net 908 (27 ) 881 Other assets 79 1 80 Property, plant and equipment 2,530 — 2,530 Deferred income tax assets 174 42 216 Intangible assets 3,094 — 3,094 Equity accounted investments 609 (6 ) 603 Goodwill 1,554 — 1,554 Total assets $ 15,804 $ (144 ) $ 15,660 Liabilities and equity Liabilities Accounts payable and other $ 4,865 $ 126 $ 4,991 Liabilities associated with assets held for sale — — — Borrowings 825 — 825 Current liabilities 5,690 126 5,816 Accounts payable and other 773 (5 ) 768 Borrowings 2,440 — 2,440 Deferred income tax liabilities 837 — 837 Total liabilities $ 9,740 $ 121 $ 9,861 Equity Limited partners $ 1,585 $ (132 ) $ 1,453 Non-controlling interests attributable to: Redemption-Exchange Units, Preferred Shares and Special Limited Partnership Units held by Brookfield Asset Management Inc. 1,453 (128 ) 1,325 Interest of others in operating subsidiaries 3,026 (5 ) 3,021 Total equity 6,064 (265 ) 5,799 Total liabilities and equity $ 15,804 $ (144 ) $ 15,660 |
ACQUISITION OF BUSINESSES (Tabl
ACQUISITION OF BUSINESSES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations 1 [Abstract] | |
Disclosure of detailed information about business combinations | The following table provides details of the business combinations achieved in stages on a gross basis: (US$ MILLIONS) Fair value of investment immediately before acquiring control $ 651 Less: Carrying value of investment immediately before acquisition 447 Add: Amounts recognized in OCI (1) 2 Remeasurement gain $ 206 Gain on extinguishment (2) 44 Gain (loss) on acquisitions/dispositions, net $ 250 Total gain on acquisition attributable to non-controlling interest $ 135 Total gain on acquisition attributable to the partnership $ 115 ____________________________________ (1) Included in carrying value of the investment immediately before acquisition. (2) The partnership recognized a total gain on extinguishment of $44 million at the subsidiary level ( $18 million on debt and $26 million on warrants). he following summarizes the consideration transferred, assets acquired and liabilities assumed at the applicable acquisition dates: (US$ MILLIONS) Business Services Industrial Operations (4) Total Cash $ 198 $ 395 $ 593 Contingent consideration 13 — 13 Total Consideration (1) $ 211 $ 395 $ 606 (US$ MILLIONS) Cash and cash equivalents $ 39 $ 296 $ 335 Accounts receivable and other 1,248 978 2,226 Inventory 690 10 700 Equity accounted investments 122 90 212 Property, plant and equipment 264 239 503 Intangible assets 403 2,436 2,839 Goodwill 325 3 328 Deferred income tax assets 9 50 59 Financial assets 106 — 106 Other assets — 65 65 Acquisition gain — (7 ) (7 ) Accounts payable and other (1,885 ) (227 ) (2,112 ) Borrowings (210 ) (1,468 ) (1,678 ) Deferred income tax liabilities (58 ) (731 ) (789 ) Net assets acquired before non-controlling interest 1,053 1,734 2,787 Non-controlling interest (2) (3) (842 ) (1,339 ) (2,181 ) Net Assets Acquired $ 211 $ 395 $ 606 ____________________________________ (1) Excludes consideration attributable to non-controlling interest, which represents the interest of others in operating subsidiaries. (2) Non-controlling interest recognized on business combinations, were measured at fair value for Business Services. (3) Non-controlling interest recognized on business combinations, were measured at the proportionate share of fair value of the assets acquired and liabilities assumed for Industrial Operations. (4) The finalization of the purchase price allocation at BRK Ambiental resulted in a $14 million decrease in goodwill. The following summarizes the consideration transferred, assets acquired and liabilities assumed at the applicable acquisition dates: (US$ MILLIONS) Business Services Infrastructure Services Industrial Total (1) Cash $ 25 $ 1,686 $ 45 $ 1,756 Non-cash consideration — 275 — 275 Total Consideration (2) $ 25 $ 1,961 $ 45 $ 2,031 (US$ MILLIONS) Cash and cash equivalents $ 36 $ 592 $ 30 $ 658 Accounts and other receivable, net 11 836 75 922 Inventory, net 2 626 58 686 Equity accounted investments — 328 1 329 Property, plant and equipment 57 4,669 187 4,913 Intangible assets 28 2,683 231 2,942 Goodwill 31 760 180 971 Deferred income tax assets — 11 27 38 Financial assets — 317 2 319 Other assets — 1,026 — 1,026 Accounts payable and other (24 ) (3,431 ) (199 ) (3,654 ) Borrowings (50 ) (3,352 ) (266 ) (3,668 ) Deferred income tax liabilities (2 ) (83 ) (72 ) (157 ) Net assets acquired before non-controlling interest 89 4,982 254 5,325 Non-controlling interest (3) (4) (64 ) (3,021 ) (209 ) (3,294 ) Net Assets Acquired $ 25 $ 1,961 $ 45 $ 2,031 ____________________________________ (1) The initial fair values of acquired assets, liabilities and goodwill for the acquisitions have been determined on a preliminary basis at the end of the reporting period. Specifically, within our infrastructure services segment we are in on-going negotiations which could result in a change to fair value estimates related to working capital, intangible assets, goodwill and deferred taxes. (2) Excludes consideration attributable to non-controlling interest, which represents the interest of others in operating subsidiaries. (3) Non-controlling interest recognized on business combination, were measured at fair value for Business Services and Infrastructure Services. (4) Non-controlling interest recognized on business combination, were measured at the proportionate share of fair value of the assets acquired and liabilities assumed for Industrial Operations. |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Measurement [Abstract] | |
Financial assets classification | he following table provides the allocation of financial instruments and their associated financial instrument classifications as at December 31, 2017 : (US$ MILLIONS) FVTPL Available for sale securities Loans and Receivables/ Other Liabilities Total MEASUREMENT BASIS (Fair Value) (Fair Value through OCI) (Amortized Cost) Financial assets Cash and cash equivalents $ — $ — $ 1,106 $ 1,106 Accounts receivable, net (current and non-current) (1) 50 — 4,312 4,362 Other assets (current and non-current) (2) — — 195 195 Financial assets (current and non-current) (3) 116 429 239 784 Total $ 166 $ 429 $ 5,852 $ 6,447 Financial liabilities Accounts payable and other (4) $ 159 $ — $ 3,766 $ 3,925 Borrowings (current and non-current) — — 3,265 3,265 Total $ 159 $ — $ 7,031 $ 7,190 ____________________________________ (1) Accounts receivable recognized at fair value relates to our mining business. (2) Excludes prepayments and other assets of $314 million . (3) Refer to Hedging Activities in note 4(a) below. (4) Excludes provisions, decommissioning liabilities, deferred revenue, work in progress, post-employment benefits and various tax and duties of $1,713 million . ( The following table provides the details of financial instruments and their associated financial instrument classifications as at December 31, 2018 : (US$ MILLIONS) MEASUREMENT BASIS FVTPL FVOCI Amortized Cost Total Financial assets Cash and cash equivalents $ — $ — $ 1,949 $ 1,949 Accounts receivable, net (current and non-current) (1) 67 — 5,093 5,160 Other assets (current and non-current) (2) — — 563 563 Financial assets (current and non-current) (3) 413 376 580 1,369 Total (4) $ 480 $ 376 $ 8,185 $ 9,041 Financial liabilities Accounts payable and other (5) $ 311 $ 48 $ 4,679 $ 5,038 Borrowings (current and non-current) — — 10,866 10,866 Total $ 311 $ 48 $ 15,545 $ 15,904 ____________________________________ (1) Accounts receivable recognized at fair value relates to our mining business. (2) Excludes prepayments and other assets of $950 million . (3) Refer to Hedging Activities in note 4(a) below. (4) Total financial assets include $3,509 million of assets pledged as collateral. (5) Excludes provisions, decommissioning liabilities, deferred revenue, work in progress, post-employment benefits and various tax and duties of $4,044 million . (US$ MILLIONS) 2018 2017 Current Marketable securities (1) $ 265 $ 207 Restricted cash 376 68 Derivative contracts 223 75 Loans and notes receivable 22 11 Total current $ 886 $ 361 Non-current Marketable securities (1) $ 1 $ 1 Restricted cash 32 11 Derivative contracts 20 7 Loans and notes receivable 150 150 Other financial assets (2) 280 254 Total non-current $ 483 $ 423 ____________________________________ (1) During the year ended December 31, 2018 the partnership recognized $ nil ( 2017 : $49 million ), of net gains on disposition of marketable securities. (2) Other financial assets includes secured debentures to homebuilding companies in our business services segment. (US$ MILLIONS) 2018 2017 Current, net $ 4,307 $ 3,454 Non-current, net Accounts receivable 37 — Retainer on customer contracts 103 197 Billing rights 713 711 Total Non-current, net $ 853 $ 908 Total (1) $ 5,160 $ 4,362 ____________________________________ (1) Refer to Note 16 for additional information. he amount of accounts and other receivables written down for bad debts was as follows: (US$ MILLIONS) 2018 2017 2016 Loss allowance - beginning $ 40 $ 7 10 Add: increase in allowance 22 39 1 Deduct: bad debt write offs (10 ) (6 ) (3 ) Foreign currency translation (7 ) — (1 ) Loss allowance - ending $ 45 $ 40 $ 7 |
Financial liabilities classification | The following table provides the details of financial instruments and their associated financial instrument classifications as at December 31, 2018 : (US$ MILLIONS) MEASUREMENT BASIS FVTPL FVOCI Amortized Cost Total Financial assets Cash and cash equivalents $ — $ — $ 1,949 $ 1,949 Accounts receivable, net (current and non-current) (1) 67 — 5,093 5,160 Other assets (current and non-current) (2) — — 563 563 Financial assets (current and non-current) (3) 413 376 580 1,369 Total (4) $ 480 $ 376 $ 8,185 $ 9,041 Financial liabilities Accounts payable and other (5) $ 311 $ 48 $ 4,679 $ 5,038 Borrowings (current and non-current) — — 10,866 10,866 Total $ 311 $ 48 $ 15,545 $ 15,904 ____________________________________ (1) Accounts receivable recognized at fair value relates to our mining business. (2) Excludes prepayments and other assets of $950 million . (3) Refer to Hedging Activities in note 4(a) below. (4) Total financial assets include $3,509 million of assets pledged as collateral. (5) Excludes provisions, decommissioning liabilities, deferred revenue, work in progress, post-employment benefits and various tax and duties of $4,044 million . he following table provides the allocation of financial instruments and their associated financial instrument classifications as at December 31, 2017 : (US$ MILLIONS) FVTPL Available for sale securities Loans and Receivables/ Other Liabilities Total MEASUREMENT BASIS (Fair Value) (Fair Value through OCI) (Amortized Cost) Financial assets Cash and cash equivalents $ — $ — $ 1,106 $ 1,106 Accounts receivable, net (current and non-current) (1) 50 — 4,312 4,362 Other assets (current and non-current) (2) — — 195 195 Financial assets (current and non-current) (3) 116 429 239 784 Total $ 166 $ 429 $ 5,852 $ 6,447 Financial liabilities Accounts payable and other (4) $ 159 $ — $ 3,766 $ 3,925 Borrowings (current and non-current) — — 3,265 3,265 Total $ 159 $ — $ 7,031 $ 7,190 ____________________________________ (1) Accounts receivable recognized at fair value relates to our mining business. (2) Excludes prepayments and other assets of $314 million . (3) Refer to Hedging Activities in note 4(a) below. (4) Excludes provisions, decommissioning liabilities, deferred revenue, work in progress, post-employment benefits and various tax and duties of $1,713 million . ( |
Carrying and fair values of financial assets | he following table categorizes financial assets and liabilities, which are carried at fair value, based upon the level of input as at December 31, 2018 and 2017 : 2018 2017 (US$ MILLIONS) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets Common shares $ 266 $ — $ — $ 207 $ — $ — Corporate bonds — — — — — — Accounts receivable — 67 — — 50 — Loans and notes receivable — — — — — 1 Derivative assets 41 202 — 15 66 34 Other financial assets — — 280 — — 222 $ 307 $ 269 $ 280 $ 222 $ 116 $ 257 Financial liabilities Derivative liabilities $ 13 $ 296 $ 13 $ 30 $ 65 $ — Other financial liabilities — — 37 — — 64 $ 13 $ 296 $ 50 $ 30 $ 65 $ 64 The following table summarizes the valuation techniques and key inputs used in the fair value measurement of Level 2 financial instruments: (US$ MILLIONS) Type of asset/liability Carrying value December 31, 2018 Valuation technique(s) and key input(s) Derivative assets $ 202 Fair value of derivative contracts incorporates quoted market prices, or in their absence internal valuation models corroborated with observable market data; and for foreign exchange, interest rate, and commodity derivatives, observable forward exchange rates, current interest rates, and commodity prices, respectively, at the end of the reporting period. Derivative liabilities $ 296 Fair value of derivative contracts incorporates quoted market prices, or in their absence internal valuation models corroborated with observable market data; and for foreign exchange, interest rate, and commodity derivatives, observable forward exchange rates, current interest rates, and commodity prices, respectively, at the end of the reporting period. Accounts receivable $ 67 Accounts receivable represents amounts due from customers for sales of metals concentrate subject to provisional pricing, which was fair valued using forward metal prices and foreign exchange rates applicable for the month of final settlement. |
Carrying and fair values of financial liabilities | he following table categorizes financial assets and liabilities, which are carried at fair value, based upon the level of input as at December 31, 2018 and 2017 : 2018 2017 (US$ MILLIONS) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets Common shares $ 266 $ — $ — $ 207 $ — $ — Corporate bonds — — — — — — Accounts receivable — 67 — — 50 — Loans and notes receivable — — — — — 1 Derivative assets 41 202 — 15 66 34 Other financial assets — — 280 — — 222 $ 307 $ 269 $ 280 $ 222 $ 116 $ 257 Financial liabilities Derivative liabilities $ 13 $ 296 $ 13 $ 30 $ 65 $ — Other financial liabilities — — 37 — — 64 $ 13 $ 296 $ 50 $ 30 $ 65 $ 64 The following table summarizes the valuation techniques and key inputs used in the fair value measurement of Level 2 financial instruments: (US$ MILLIONS) Type of asset/liability Carrying value December 31, 2018 Valuation technique(s) and key input(s) Derivative assets $ 202 Fair value of derivative contracts incorporates quoted market prices, or in their absence internal valuation models corroborated with observable market data; and for foreign exchange, interest rate, and commodity derivatives, observable forward exchange rates, current interest rates, and commodity prices, respectively, at the end of the reporting period. Derivative liabilities $ 296 Fair value of derivative contracts incorporates quoted market prices, or in their absence internal valuation models corroborated with observable market data; and for foreign exchange, interest rate, and commodity derivatives, observable forward exchange rates, current interest rates, and commodity prices, respectively, at the end of the reporting period. Accounts receivable $ 67 Accounts receivable represents amounts due from customers for sales of metals concentrate subject to provisional pricing, which was fair valued using forward metal prices and foreign exchange rates applicable for the month of final settlement. |
Schedule of significant unobservable inputs used and change in balance of financial assets | e following table summarizes the valuation techniques and significant unobservable inputs used in the fair value measurement Level 3 financial instruments: (US$ MILLIONS) Type of asset/liability Carrying value December 31, Valuation technique(s) Significant unobservable input(s) Relationship of unobservable input(s) to fair value Other financial assets - secured debentures $ 238 Discounted cash flows Cash flows Increases (decreases) in future cash flows increase (decrease) fair value Other financial assets - equity instruments designated as measured at FVOCI $ 32 Private share trade comparables Private share trades Increases (decreases) in private share trade prices increase (decrease) fair value Other financial assets - debt instruments measured at FVTPL $ 10 Discounted cash flows Cash flows Increases (decreases) in future cash flows increase (decrease) fair value Derivative liabilities $ 13 Black-Scholes model Volatility Increases (decreases) in volatility increase (decrease) fair value Other financial liabilities - contingent consideration $ 31 Scenario-based expected present value Forecasted EBITDA of acquired entities Increases (decreases) in forecasted EBITDA increase (decrease) fair value Other financial liabilities - management compensation plan units $ 6 Multiples analysis 3-year historical EBIT of our financial advisory services business Increases (decreases) in historical EBIT increase (decrease) fair value The following table presents the change in the balance of financial assets classified as Level 3 as at December 31, 2018 and 2017 : (US$ MILLIONS) 2018 2017 Balance at beginning of year $ 257 $ 108 Fair value change recorded in net income 17 (18 ) Fair value change recorded in other comprehensive income (2 ) 11 Additions (1) 49 164 Disposals (41 ) (8 ) Balance at end of period $ 280 $ 257 ____________________________________ (1) In 2018, $49 million of the additions relate to a secured debenture investment in a homebuilding company. In 2017, $34 million of the additions relate to IAS 39 available-for-sale equity instruments assumed on the acquisition of Greenergy, $39 million of the additions relate to warrants acquired by the partnership as part of its investment in Teekay Offshore, and $91 million relates to a secured debenture investment in a homebuilding company. O |
Schedule of significant unobservable inputs used and change in balance of financial liabilities | e following table summarizes the valuation techniques and significant unobservable inputs used in the fair value measurement Level 3 financial instruments: (US$ MILLIONS) Type of asset/liability Carrying value December 31, Valuation technique(s) Significant unobservable input(s) Relationship of unobservable input(s) to fair value Other financial assets - secured debentures $ 238 Discounted cash flows Cash flows Increases (decreases) in future cash flows increase (decrease) fair value Other financial assets - equity instruments designated as measured at FVOCI $ 32 Private share trade comparables Private share trades Increases (decreases) in private share trade prices increase (decrease) fair value Other financial assets - debt instruments measured at FVTPL $ 10 Discounted cash flows Cash flows Increases (decreases) in future cash flows increase (decrease) fair value Derivative liabilities $ 13 Black-Scholes model Volatility Increases (decreases) in volatility increase (decrease) fair value Other financial liabilities - contingent consideration $ 31 Scenario-based expected present value Forecasted EBITDA of acquired entities Increases (decreases) in forecasted EBITDA increase (decrease) fair value Other financial liabilities - management compensation plan units $ 6 Multiples analysis 3-year historical EBIT of our financial advisory services business Increases (decreases) in historical EBIT increase (decrease) fair value The following table presents the change in the balance of financial assets classified as Level 3 as at December 31, 2018 and 2017 : (US$ MILLIONS) 2018 2017 Balance at beginning of year $ 257 $ 108 Fair value change recorded in net income 17 (18 ) Fair value change recorded in other comprehensive income (2 ) 11 Additions (1) 49 164 Disposals (41 ) (8 ) Balance at end of period $ 280 $ 257 ____________________________________ (1) In 2018, $49 million of the additions relate to a secured debenture investment in a homebuilding company. In 2017, $34 million of the additions relate to IAS 39 available-for-sale equity instruments assumed on the acquisition of Greenergy, $39 million of the additions relate to warrants acquired by the partnership as part of its investment in Teekay Offshore, and $91 million relates to a secured debenture investment in a homebuilding company. O |
FINANCIAL ASSETS (Tables)
FINANCIAL ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Financial Instruments [Abstract] | |
Disclosure of financial assets | he following table provides the allocation of financial instruments and their associated financial instrument classifications as at December 31, 2017 : (US$ MILLIONS) FVTPL Available for sale securities Loans and Receivables/ Other Liabilities Total MEASUREMENT BASIS (Fair Value) (Fair Value through OCI) (Amortized Cost) Financial assets Cash and cash equivalents $ — $ — $ 1,106 $ 1,106 Accounts receivable, net (current and non-current) (1) 50 — 4,312 4,362 Other assets (current and non-current) (2) — — 195 195 Financial assets (current and non-current) (3) 116 429 239 784 Total $ 166 $ 429 $ 5,852 $ 6,447 Financial liabilities Accounts payable and other (4) $ 159 $ — $ 3,766 $ 3,925 Borrowings (current and non-current) — — 3,265 3,265 Total $ 159 $ — $ 7,031 $ 7,190 ____________________________________ (1) Accounts receivable recognized at fair value relates to our mining business. (2) Excludes prepayments and other assets of $314 million . (3) Refer to Hedging Activities in note 4(a) below. (4) Excludes provisions, decommissioning liabilities, deferred revenue, work in progress, post-employment benefits and various tax and duties of $1,713 million . ( The following table provides the details of financial instruments and their associated financial instrument classifications as at December 31, 2018 : (US$ MILLIONS) MEASUREMENT BASIS FVTPL FVOCI Amortized Cost Total Financial assets Cash and cash equivalents $ — $ — $ 1,949 $ 1,949 Accounts receivable, net (current and non-current) (1) 67 — 5,093 5,160 Other assets (current and non-current) (2) — — 563 563 Financial assets (current and non-current) (3) 413 376 580 1,369 Total (4) $ 480 $ 376 $ 8,185 $ 9,041 Financial liabilities Accounts payable and other (5) $ 311 $ 48 $ 4,679 $ 5,038 Borrowings (current and non-current) — — 10,866 10,866 Total $ 311 $ 48 $ 15,545 $ 15,904 ____________________________________ (1) Accounts receivable recognized at fair value relates to our mining business. (2) Excludes prepayments and other assets of $950 million . (3) Refer to Hedging Activities in note 4(a) below. (4) Total financial assets include $3,509 million of assets pledged as collateral. (5) Excludes provisions, decommissioning liabilities, deferred revenue, work in progress, post-employment benefits and various tax and duties of $4,044 million . (US$ MILLIONS) 2018 2017 Current Marketable securities (1) $ 265 $ 207 Restricted cash 376 68 Derivative contracts 223 75 Loans and notes receivable 22 11 Total current $ 886 $ 361 Non-current Marketable securities (1) $ 1 $ 1 Restricted cash 32 11 Derivative contracts 20 7 Loans and notes receivable 150 150 Other financial assets (2) 280 254 Total non-current $ 483 $ 423 ____________________________________ (1) During the year ended December 31, 2018 the partnership recognized $ nil ( 2017 : $49 million ), of net gains on disposition of marketable securities. (2) Other financial assets includes secured debentures to homebuilding companies in our business services segment. (US$ MILLIONS) 2018 2017 Current, net $ 4,307 $ 3,454 Non-current, net Accounts receivable 37 — Retainer on customer contracts 103 197 Billing rights 713 711 Total Non-current, net $ 853 $ 908 Total (1) $ 5,160 $ 4,362 ____________________________________ (1) Refer to Note 16 for additional information. he amount of accounts and other receivables written down for bad debts was as follows: (US$ MILLIONS) 2018 2017 2016 Loss allowance - beginning $ 40 $ 7 10 Add: increase in allowance 22 39 1 Deduct: bad debt write offs (10 ) (6 ) (3 ) Foreign currency translation (7 ) — (1 ) Loss allowance - ending $ 45 $ 40 $ 7 |
ACCOUNTS AND OTHER RECEIVABLE_2
ACCOUNTS AND OTHER RECEIVABLE, NET (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of financial assets | he following table provides the allocation of financial instruments and their associated financial instrument classifications as at December 31, 2017 : (US$ MILLIONS) FVTPL Available for sale securities Loans and Receivables/ Other Liabilities Total MEASUREMENT BASIS (Fair Value) (Fair Value through OCI) (Amortized Cost) Financial assets Cash and cash equivalents $ — $ — $ 1,106 $ 1,106 Accounts receivable, net (current and non-current) (1) 50 — 4,312 4,362 Other assets (current and non-current) (2) — — 195 195 Financial assets (current and non-current) (3) 116 429 239 784 Total $ 166 $ 429 $ 5,852 $ 6,447 Financial liabilities Accounts payable and other (4) $ 159 $ — $ 3,766 $ 3,925 Borrowings (current and non-current) — — 3,265 3,265 Total $ 159 $ — $ 7,031 $ 7,190 ____________________________________ (1) Accounts receivable recognized at fair value relates to our mining business. (2) Excludes prepayments and other assets of $314 million . (3) Refer to Hedging Activities in note 4(a) below. (4) Excludes provisions, decommissioning liabilities, deferred revenue, work in progress, post-employment benefits and various tax and duties of $1,713 million . ( The following table provides the details of financial instruments and their associated financial instrument classifications as at December 31, 2018 : (US$ MILLIONS) MEASUREMENT BASIS FVTPL FVOCI Amortized Cost Total Financial assets Cash and cash equivalents $ — $ — $ 1,949 $ 1,949 Accounts receivable, net (current and non-current) (1) 67 — 5,093 5,160 Other assets (current and non-current) (2) — — 563 563 Financial assets (current and non-current) (3) 413 376 580 1,369 Total (4) $ 480 $ 376 $ 8,185 $ 9,041 Financial liabilities Accounts payable and other (5) $ 311 $ 48 $ 4,679 $ 5,038 Borrowings (current and non-current) — — 10,866 10,866 Total $ 311 $ 48 $ 15,545 $ 15,904 ____________________________________ (1) Accounts receivable recognized at fair value relates to our mining business. (2) Excludes prepayments and other assets of $950 million . (3) Refer to Hedging Activities in note 4(a) below. (4) Total financial assets include $3,509 million of assets pledged as collateral. (5) Excludes provisions, decommissioning liabilities, deferred revenue, work in progress, post-employment benefits and various tax and duties of $4,044 million . (US$ MILLIONS) 2018 2017 Current Marketable securities (1) $ 265 $ 207 Restricted cash 376 68 Derivative contracts 223 75 Loans and notes receivable 22 11 Total current $ 886 $ 361 Non-current Marketable securities (1) $ 1 $ 1 Restricted cash 32 11 Derivative contracts 20 7 Loans and notes receivable 150 150 Other financial assets (2) 280 254 Total non-current $ 483 $ 423 ____________________________________ (1) During the year ended December 31, 2018 the partnership recognized $ nil ( 2017 : $49 million ), of net gains on disposition of marketable securities. (2) Other financial assets includes secured debentures to homebuilding companies in our business services segment. (US$ MILLIONS) 2018 2017 Current, net $ 4,307 $ 3,454 Non-current, net Accounts receivable 37 — Retainer on customer contracts 103 197 Billing rights 713 711 Total Non-current, net $ 853 $ 908 Total (1) $ 5,160 $ 4,362 ____________________________________ (1) Refer to Note 16 for additional information. he amount of accounts and other receivables written down for bad debts was as follows: (US$ MILLIONS) 2018 2017 2016 Loss allowance - beginning $ 40 $ 7 10 Add: increase in allowance 22 39 1 Deduct: bad debt write offs (10 ) (6 ) (3 ) Foreign currency translation (7 ) — (1 ) Loss allowance - ending $ 45 $ 40 $ 7 |
INVENTORY, NET (Tables)
INVENTORY, NET (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Inventories [Abstract] | |
Disclosure of current inventories | (US$ MILLIONS) 2018 2017 Current Raw materials and consumables $ 605 $ 138 Fuel products (1) 490 612 Work in progress 258 94 RTFO certificates (2) 95 193 Finished goods and other (3) 114 31 Carrying amount of inventories $ 1,562 $ 1,068 ____________________________________ (1) Fuel products are traded in active markets and are purchased with a view to resale in the near future. As a result, stocks of fuel products are recorded at fair value based on quoted market prices. (2) $ nil of RTFO certificates are held for trading and recorded at fair value (2017: $60 million ). There is no externally quoted marketplace for the valuation of RTFO certificates. In order to value these contracts, the partnership has adopted a pricing methodology combining both observable inputs based on market data and assumptions developed internally based on observable market activity. (3) Finished goods and other inventory is mainly composed of finished goods and inventory in our infrastructure services and business services segments. |
Disclosure of inventory obsolescence provision | The amount of inventory written down was as follows: (US$ MILLIONS) 2018 2017 2016 Inventory obsolescence provision - beginning $ 4 $ 9 14 Add: increase in provision 22 1 1 Deduct: inventory obsolescence write off (7 ) (6 ) (6 ) Inventory obsolescence provision - ending $ 19 $ 4 $ 9 |
ASSETS HELD FOR SALE (Tables)
ASSETS HELD FOR SALE (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Assets And Liabilities Classified As Held For Sale [Abstract] | |
Disclosure of assets and liabilities classified as held for sale | (US$ MILLIONS) 2018 2017 Accounts and other receivable, net 28 — Inventory 6 — Property, plant and equipment 29 14 Assets held for sale $ 63 $ 14 Accounts payable and other $ 9 $ — Liabilities associated with assets held for sale $ 9 $ — |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of Other Assets | (US$ MILLIONS) 2018 2017 Current Work in progress (1) $ 506 $ 195 Prepayments and other assets 508 235 Total current $ 1,014 $ 430 Non-current Work in progress (1) $ 57 $ — Prepayments and other assets 442 79 Total non-current $ 499 $ 79 ____________________________________ (1) See Note 16 for additional information. |
NON-WHOLLY OWNED SUBSIDIARIES (
NON-WHOLLY OWNED SUBSIDIARIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Interests In Other Entities [Abstract] | |
Disclosure of interests in subsidiaries | The following provides information about our partnership's wholly-owned subsidiaries as of December 31, 2018 and 2017 : Defined Name Name of entity Country of incorporation Voting interest (%) Economic interest (%) 2018 2017 2018 2017 Business Services Financial advisory services business BFIN Canada 100 % 100 % 100 % 100 % Residential real estate services business Brookfield RPS Limited Canada 100 % 100 % 100 % 100 % Construction services business Multiplex United Kingdom 100 % 100 % 100 % 100 % The following table presents details of non-wholly owned subsidiaries of our partnership: Defined Name Name of entity Country of incorporation Voting interest (%) Economic interest (%) 2018 2017 2018 2017 Business Services Condominium management services business Crossbridge Condominium Services Ltd. Canada 90 % 90 % 90 % 90 % IT storage facilities management business WatServ Canada 75 % 75 % 75 % 75 % Fuel marketing business BG Fuels Canada 100 % 100 % 26 % 26 % Facilities management business BGIS Global Integrated Solutions Canada 100 % 100 % 26 % 26 % Cold storage logistics Nova Cold Logistics Canada 100 % 100 % 25 % 25 % Road fuel distribution business Greenergy Fuels Holding Limited United Kingdom 85 % 85 % 14 % 14 % Wireless broadband Imagine Communications Group Limited Ireland 55 % — % 31 % — % Infrastructure services Infrastructure services provider to the power generation industry Westinghouse Electric Company United States of America 100 % — % 44 % — % Services provider to the offshore oil production industry Teekay Offshore Partners L.P. United States of America 51 % — % 25 % — % Industrial operations Limestone mining operations Hammerstone Corporation Canada 100 % 100 % 39 % 39 % Graphite electrode manufacturing business GrafTech International Ltd. United States of America 79 % 100 % 27 % 34 % Water and wastewater services BRK Ambiental Brazil 70 % 70 % 26 % 26 % Infrastructure support products manufacturing operation AP Infrastructure Solutions LP Canada 100 % 100 % 25 % 25 % Palladium mining operation North American Palladium Ltd. Canada 91 % 92 % 23 % 23 % Provider of returnable plastic packaging Schoeller Allibert Group B.V. Netherlands 52 % — % 14 % — % Canadian well-servicing operation CWC Energy Services Corp. Canada 78 % 78 % 56 % 56 % Canadian energy operation Ember Resources Inc. Canada 100 % 100 % 41 % 41 % The following tables present the gross assets and liabilities as well as gross amounts of revenue, net income, other comprehensive income and distributions from the partnership’s investments in material non-wholly owned subsidiaries for the years ended December 31, 2018 , 2017 and 2016 : Year Ended December 31, 2018 Total Profit/(loss) allocated to others ownership interest Distributions to others ownership interest Equity to others ownership interest (US$ MILLIONS) Current assets Non-current assets Current liabilities Non-current liabilities Revenue Profit/(loss) OCI Business services $ 2,413 $ 1,773 $ 3,113 $ 475 $ 25,785 $ (20 ) $ 4 $ (20 ) $ (46 ) $ 424 Infrastructure services 2,889 8,750 2,921 6,208 2,419 282 (121 ) 170 (16 ) 1,534 Industrial operations 1,991 5,656 1,040 4,823 3,894 895 (239 ) 612 (1,542 ) 1,425 Total $ 7,293 $ 16,179 $ 7,074 $ 11,506 $ 32,098 $ 1,157 $ (356 ) $ 762 $ (1,604 ) $ 3,383 Year Ended December 31, 2017 Total Profit/(loss) allocated to others ownership interest Distributions to others ownership interest Equity to others ownership interest (US$ MILLIONS) Current assets Non-current assets Current liabilities Non-current liabilities Revenue Profit/(loss) OCI Business services $ 2,606 $ 1,744 $ 2,774 $ 948 $ 15,676 $ 45 $ 11 $ 35 $ 46 $ 476 Industrial operations 1,095 5,812 904 2,731 1,913 (4 ) 41 4 25 2,338 Total $ 3,701 $ 7,556 $ 3,678 $ 3,679 $ 17,589 $ 41 $ 52 $ 39 $ 71 $ 2,814 Year Ended December 31, 2016 Total Profit/(loss) allocated to others ownership interest Distributions to others ownership interest Equity to others ownership interest (US$ MILLIONS) Current assets Non-current assets Current liabilities Non-current liabilities Revenue Profit/(loss) OCI Business services $ 437 $ 494 $ 402 $ 253 $ 1,347 $ 25 $ 5 $ 15 $ 8 $ 198 Industrial operations 775 2,349 349 1,022 1,491 (323 ) 42 (206 ) 10 1,131 Total $ 1,212 $ 2,843 $ 751 $ 1,275 $ 2,838 $ (298 ) $ 47 $ (191 ) $ 18 $ 1,329 The following table outlines the composition of accumulated non-controlling interest ("NCI") related to the interest of others presented in the partnership's Consolidated Statements of Financial Position: (US$ MILLIONS) 2018 2017 NCI related to material non-wholly owned subsidiaries Business services $ 424 $ 476 Infrastructure services 1,534 — Industrial operations 1,425 2,338 Total NCI in material non-wholly owned subsidiaries $ 3,383 $ 2,814 Total individually immaterial NCI balances 148 212 Total NCI $ 3,531 $ 3,026 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, plant and equipment [abstract] | |
Disclosure of detailed information about property, plant and equipment | Depreciation of an asset commences when it is available for use. PP&E are depreciated on a straight line basis over the estimated useful lives of each component of the assets as follows: Buildings Up to 50 years Leasehold improvements Up to 40 years but not exceeding the term of the lease Machinery and equipment Up to 20 years Oil and gas related equipment Up to 10 years Vessels Up to 35 years (US$ MILLIONS) Land Building Machinery and Equipment Mineral Property Assets and Oil and Gas Properties Vessels Others Total Assets Gross Carrying Amount Balance at January 1, 2017 $ 89 $ 163 $ 917 $ 1,623 $ — $ 57 $ 2,849 Additions (cash and non-cash) — 24 105 48 — 18 195 Disposals (cash and non-cash) — — (22 ) (251 ) — (2 ) (275 ) Acquisitions through business combinations (1) 21 211 245 — — 26 503 Transfers and assets reclassified as held for sale (2) (12 ) (3 ) 7 (7 ) — (1 ) (16 ) Net foreign currency exchange differences 5 2 58 103 — 1 169 Balance at December 31, 2017 $ 103 $ 397 $ 1,310 $ 1,516 $ — $ 99 $ 3,425 Additions (cash and non-cash) 1 37 301 64 86 11 500 Disposals (cash and non-cash) (3 ) (5 ) (95 ) (2 ) (19 ) (7 ) (131 ) Acquisitions through business combinations (1) 44 262 801 — 3,738 68 4,913 Transfers and assets reclassified as held for sale (2) (12 ) (2 ) (13 ) 1 (13 ) 1 (38 ) Net foreign currency exchange differences (6 ) (40 ) (81 ) (119 ) — (8 ) (254 ) Balances at December 31, 2018 $ 127 $ 649 $ 2,223 $ 1,460 $ 3,792 $ 164 $ 8,415 Accumulated Depreciation and Impairment Balance at January 1, 2017 $ — $ (29 ) $ (253 ) $ (447 ) $ — $ (24 ) (753 ) Depreciation/depletion/impairment expense — (15 ) (106 ) (17 ) — (13 ) (151 ) Disposals — — 16 35 — 1 52 Transfers and assets reclassified as held for sale (2) — — (4 ) 5 — — 1 Net foreign currency exchange differences — — (17 ) (26 ) — (1 ) (44 ) Balances at December 31, 2017 (3) (4) $ — $ (44 ) $ (364 ) $ (450 ) $ — $ (37 ) $ (895 ) Depreciation/depletion/impairment expense — (28 ) (192 ) (306 ) (182 ) (12 ) (720 ) Disposals — 1 55 — 3 3 62 Transfers and assets reclassified as held for sale (2) — 1 2 — — (1 ) 2 Net foreign currency exchange differences — 5 23 50 — 5 83 Balances at December 31, 2018 (3) (4) $ — $ (65 ) $ (476 ) $ (706 ) $ (179 ) $ (42 ) $ (1,468 ) Net book value December 31, 2017 $ 103 $ 353 $ 946 $ 1,066 $ — $ 62 $ 2,530 December 31, 2018 $ 127 $ 584 $ 1,747 $ 754 $ 3,613 $ 122 $ 6,947 ____________________________________ (1) See Note 3 for additional information. (2) See Note 8 for additional information. (3) Includes accumulated impairment losses of $5 million ( 2017 : $6 million ) for machinery and equipment and $258 million ( 2017 : $57 million ) for oil and gas properties. (4) As at December 31, 2018 a total of $331 million ( 2017 : $745 million ) of future development costs were included in the depletion calculation. |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Intangible Assets [Abstract] | |
Disclosure of reconciliation of changes in intangible assets | (US$ MILLIONS) Water and sewage concession agreements Customer relationships Computer software, patents trademarks and proprietary technology Loyalty program Brand Distribution networks and other Total assets Gross Carrying Amount: Balance at January 1, 2017 $ — $ 406 $ 120 $ — $ — $ 28 $ 554 Additions, net 67 1 18 — — 12 98 Acquisitions through business combinations (1) 2,189 376 38 163 — 104 2,870 Disposition (3 ) (59 ) (14 ) — — — (76 ) Net foreign currency exchange differences (100 ) 6 10 — — (2 ) (86 ) Balances at December 31, 2017 $ 2,153 $ 730 $ 172 $ 163 $ — $ 142 $ 3,360 Additions, net 104 2 19 — — 28 153 Acquisitions through business combinations (1) (31 ) 489 2,025 — 414 14 2,911 Disposition (1 ) — (7 ) — — — (8 ) Net foreign currency exchange differences (313 ) (49 ) (26 ) (13 ) (3 ) (11 ) (415 ) Balance at December 31, 2018 $ 1,912 $ 1,172 $ 2,183 $ 150 $ 411 $ 173 $ 6,001 Accumulated Amortization and Impairment Balance at January 1, 2017 $ — $ (133 ) $ (38 ) $ — $ — $ (12 ) $ (183 ) Amortization expense (57 ) (50 ) (15 ) (5 ) — (5 ) (132 ) Net foreign currency exchange differences — (7 ) (2 ) — — — (9 ) Disposal — 49 9 — — — 58 Balance at December 31, 2017 $ (57 ) $ (141 ) $ (46 ) $ (5 ) $ — $ (17 ) $ (266 ) Amortization expense (69 ) (80 ) (75 ) (11 ) (10 ) (4 ) (249 ) Net foreign currency exchange differences 6 18 8 1 — — 33 Disposal 1 — 2 — 1 — 4 Balance at December 31, 2018 $ (119 ) $ (203 ) $ (111 ) $ (15 ) $ (9 ) $ (21 ) $ (478 ) Net book value December 31, 2017 $ 2,096 $ 589 $ 126 $ 158 $ — $ 125 $ 3,094 December 31, 2018 $ 1,793 $ 969 $ 2,072 $ 135 $ 402 $ 152 $ 5,523 ____________________________________ (1) See Note 3 for additional information. (US$ MILLIONS) 2018 2017 Balance at beginning of year $ 1,554 $ 1,152 Acquisitions through business combinations (1) 957 342 Foreign currency translation (100 ) 60 Balance at end of year $ 2,411 $ 1,554 ____________________________________ (1) See Note 3 for additional information. |
GOODWILL (Tables)
GOODWILL (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Intangible Assets [Abstract] | |
Disclosure of reconciliation of changes in goodwill | (US$ MILLIONS) Water and sewage concession agreements Customer relationships Computer software, patents trademarks and proprietary technology Loyalty program Brand Distribution networks and other Total assets Gross Carrying Amount: Balance at January 1, 2017 $ — $ 406 $ 120 $ — $ — $ 28 $ 554 Additions, net 67 1 18 — — 12 98 Acquisitions through business combinations (1) 2,189 376 38 163 — 104 2,870 Disposition (3 ) (59 ) (14 ) — — — (76 ) Net foreign currency exchange differences (100 ) 6 10 — — (2 ) (86 ) Balances at December 31, 2017 $ 2,153 $ 730 $ 172 $ 163 $ — $ 142 $ 3,360 Additions, net 104 2 19 — — 28 153 Acquisitions through business combinations (1) (31 ) 489 2,025 — 414 14 2,911 Disposition (1 ) — (7 ) — — — (8 ) Net foreign currency exchange differences (313 ) (49 ) (26 ) (13 ) (3 ) (11 ) (415 ) Balance at December 31, 2018 $ 1,912 $ 1,172 $ 2,183 $ 150 $ 411 $ 173 $ 6,001 Accumulated Amortization and Impairment Balance at January 1, 2017 $ — $ (133 ) $ (38 ) $ — $ — $ (12 ) $ (183 ) Amortization expense (57 ) (50 ) (15 ) (5 ) — (5 ) (132 ) Net foreign currency exchange differences — (7 ) (2 ) — — — (9 ) Disposal — 49 9 — — — 58 Balance at December 31, 2017 $ (57 ) $ (141 ) $ (46 ) $ (5 ) $ — $ (17 ) $ (266 ) Amortization expense (69 ) (80 ) (75 ) (11 ) (10 ) (4 ) (249 ) Net foreign currency exchange differences 6 18 8 1 — — 33 Disposal 1 — 2 — 1 — 4 Balance at December 31, 2018 $ (119 ) $ (203 ) $ (111 ) $ (15 ) $ (9 ) $ (21 ) $ (478 ) Net book value December 31, 2017 $ 2,096 $ 589 $ 126 $ 158 $ — $ 125 $ 3,094 December 31, 2018 $ 1,793 $ 969 $ 2,072 $ 135 $ 402 $ 152 $ 5,523 ____________________________________ (1) See Note 3 for additional information. (US$ MILLIONS) 2018 2017 Balance at beginning of year $ 1,554 $ 1,152 Acquisitions through business combinations (1) 957 342 Foreign currency translation (100 ) 60 Balance at end of year $ 2,411 $ 1,554 ____________________________________ (1) See Note 3 for additional information. |
Disclosure of goodwill allocated by segments | Goodwill is allocated to the following segments as at December 31, 2018 and 2017 : (US$ MILLIONS) 2018 2017 Business services 1,306 1,368 Infrastructure services 760 — Industrial operations 345 186 Total $ 2,411 $ 1,554 |
EQUITY ACCOUNTED INVESTMENTS (T
EQUITY ACCOUNTED INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Interests In Other Entities [Abstract] | |
Disclosure of ownership interest, voting interest, and carrying value of joint ventures | The following table presents the ownership interest, voting interest, and carrying values of the partnership's equity accounted investments as at December 31, 2018 and 2017 : (US$ MILLIONS) Economic interest Voting interest Carrying value 2018 2017 2018 2017 2018 2017 Business services 13%-90% 28%-90% 13%-90% 28%-90% $ 130 $ 213 Infrastructure services 25%-50% 25 % 25%-50% 60 % 338 201 Industrial operations 24%-50% 14%-50% 24%-50% 29%-50% 73 195 Total $ 541 $ 609 |
Disclosure of ownership interest, voting interest, and carrying value of associates | The following table presents the ownership interest, voting interest, and carrying values of the partnership's equity accounted investments as at December 31, 2018 and 2017 : (US$ MILLIONS) Economic interest Voting interest Carrying value 2018 2017 2018 2017 2018 2017 Business services 13%-90% 28%-90% 13%-90% 28%-90% $ 130 $ 213 Infrastructure services 25%-50% 25 % 25%-50% 60 % 338 201 Industrial operations 24%-50% 14%-50% 24%-50% 29%-50% 73 195 Total $ 541 $ 609 |
Disclosure of change in equity investments | The following table represents the change in the balance of equity accounted investments: (US$ MILLIONS) 2018 2017 Balance at beginning of year $ 609 $ 166 Adoption of new accounting standards (7 ) — Acquisitions through business combinations (1) 310 231 Additions (2) 267 208 Dispositions (3) (599 ) — Share of net income 10 69 Share of other comprehensive income (1 ) (5 ) Distributions received (29 ) (59 ) Foreign currency translation (19 ) (1 ) Balance at end of period $ 541 $ 609 ____________________________________ (1) See Note 3 for additional information. (2) Includes non-cash additions related to the consolidation of our equity accounted investment in Teekay Offshore (3) Dispositions of equity accounted investments in 2018 relates to the consolidation of Teekay Offshore, the sale of our Western Australia energy operations and the sale of our real estate brokerage business. |
Disclosure of interests in associates | The following tables present the gross assets and liabilities of the partnership's equity accounted investments: Year Ended December 31, 2018 Total Attributable to (US$ MILLIONS) Current assets Non-current assets Total assets Current liabilities Non-current liabilities Total liabilities Total net assets Other ownership interests Partnership's share (1) Business services $ 575 $ 478 $ 1,053 $ 451 $ 229 $ 680 $ 373 $ 219 $ 154 Infrastructure services 205 1,359 1,564 179 747 926 638 319 319 Industrial operations 38 277 315 26 136 162 153 78 75 Total $ 818 $ 2,114 $ 2,932 $ 656 $ 1,112 $ 1,768 $ 1,164 $ 616 $ 548 Year Ended December 31, 2017 Total Attributable to (US$ MILLIONS) Current assets Non-current assets Total assets Current liabilities Non-current liabilities Total liabilities Total net assets Other ownership interests Partnership's share (1) Business services $ 359 $ 499 $ 858 $ 354 $ 262 $ 616 $ 242 $ 94 $ 148 Infrastructure services 488 4,523 5,011 978 3,197 4,175 836 626 210 Industrial operations 355 4,260 4,615 415 3,393 3,808 807 649 158 Total $ 1,202 $ 9,282 $ 10,484 $ 1,747 $ 6,852 $ 8,599 $ 1,885 $ 1,369 $ 516 ____________________________________ (1) Attributable to limited partner and redemption-exchange unitholders. The following tables present the gross amounts of revenue, net income, other comprehensive income and distributions from the partnership's equity accounted investments for the year ended December 31, 2018 , 2017 and 2016 : Year Ended December 31, 2018 Total Attributable to other ownership interests Attributable to partnership (US$ MILLIONS) Revenue Net income OCI Total Comprehensive income Distributions Comprehensive income Distributions Business services $ 605 $ 102 $ (15 ) $ 87 $ 85 $ 7 $ 2 $ 10 Infrastructure services 828 (31 ) 2 (29 ) (25 ) 9 (4 ) 4 Industrial operations 445 62 (18 ) 44 34 86 10 15 Total $ 1,878 $ 133 $ (31 ) $ 102 $ 94 $ 102 $ 8 $ 29 Year Ended December 31, 2017 Total Attributable to other ownership interests Attributable to partnership (US$ MILLIONS) Revenue Net income OCI Total Comprehensive income Distributions Comprehensive income Distributions Business services $ 397 $ 81 $ — $ 81 $ 54 $ 45 $ 27 $ 22 Infrastructure services 301 (25 ) 2 (23 ) (17 ) 3 (6 ) 1 Industrial operations 811 327 (40 ) 287 244 169 43 36 Total $ 1,509 $ 383 $ (38 ) $ 345 $ 281 $ 217 $ 64 $ 59 Year Ended December 31, 2016 Total Attributable to other ownership interests Attributable to partnership (US$ MILLIONS) Revenue Net income OCI Total Comprehensive income Distributions Comprehensive income Distributions Business services $ 403 $ 49 $ — $ 49 $ 32 $ 38 $ 17 $ 20 Industrial operations 941 99 (138 ) (39 ) (35 ) 17 (4 ) 5 Total $ 1,344 $ 148 $ (138 ) $ 10 $ (3 ) $ 55 $ 13 $ 25 |
Disclosure of interests in joint ventures | The following tables present the gross amounts of revenue, net income, other comprehensive income and distributions from the partnership's equity accounted investments for the year ended December 31, 2018 , 2017 and 2016 : Year Ended December 31, 2018 Total Attributable to other ownership interests Attributable to partnership (US$ MILLIONS) Revenue Net income OCI Total Comprehensive income Distributions Comprehensive income Distributions Business services $ 605 $ 102 $ (15 ) $ 87 $ 85 $ 7 $ 2 $ 10 Infrastructure services 828 (31 ) 2 (29 ) (25 ) 9 (4 ) 4 Industrial operations 445 62 (18 ) 44 34 86 10 15 Total $ 1,878 $ 133 $ (31 ) $ 102 $ 94 $ 102 $ 8 $ 29 Year Ended December 31, 2017 Total Attributable to other ownership interests Attributable to partnership (US$ MILLIONS) Revenue Net income OCI Total Comprehensive income Distributions Comprehensive income Distributions Business services $ 397 $ 81 $ — $ 81 $ 54 $ 45 $ 27 $ 22 Infrastructure services 301 (25 ) 2 (23 ) (17 ) 3 (6 ) 1 Industrial operations 811 327 (40 ) 287 244 169 43 36 Total $ 1,509 $ 383 $ (38 ) $ 345 $ 281 $ 217 $ 64 $ 59 Year Ended December 31, 2016 Total Attributable to other ownership interests Attributable to partnership (US$ MILLIONS) Revenue Net income OCI Total Comprehensive income Distributions Comprehensive income Distributions Business services $ 403 $ 49 $ — $ 49 $ 32 $ 38 $ 17 $ 20 Industrial operations 941 99 (138 ) (39 ) (35 ) 17 (4 ) 5 Total $ 1,344 $ 148 $ (138 ) $ 10 $ (3 ) $ 55 $ 13 $ 25 The following tables present the gross assets and liabilities of the partnership's equity accounted investments: Year Ended December 31, 2018 Total Attributable to (US$ MILLIONS) Current assets Non-current assets Total assets Current liabilities Non-current liabilities Total liabilities Total net assets Other ownership interests Partnership's share (1) Business services $ 575 $ 478 $ 1,053 $ 451 $ 229 $ 680 $ 373 $ 219 $ 154 Infrastructure services 205 1,359 1,564 179 747 926 638 319 319 Industrial operations 38 277 315 26 136 162 153 78 75 Total $ 818 $ 2,114 $ 2,932 $ 656 $ 1,112 $ 1,768 $ 1,164 $ 616 $ 548 Year Ended December 31, 2017 Total Attributable to (US$ MILLIONS) Current assets Non-current assets Total assets Current liabilities Non-current liabilities Total liabilities Total net assets Other ownership interests Partnership's share (1) Business services $ 359 $ 499 $ 858 $ 354 $ 262 $ 616 $ 242 $ 94 $ 148 Infrastructure services 488 4,523 5,011 978 3,197 4,175 836 626 210 Industrial operations 355 4,260 4,615 415 3,393 3,808 807 649 158 Total $ 1,202 $ 9,282 $ 10,484 $ 1,747 $ 6,852 $ 8,599 $ 1,885 $ 1,369 $ 516 ____________________________________ (1) Attributable to limited partner and redemption-exchange unitholders. |
Disclosure of fair value of equity accounted investments | The fair value based on the publicly listed price in comparison to the partnership's carrying value is as follows: December 31, 2018 December 31, 2017 (US$ MILLIONS) Public price Carrying value Public price Carrying value Business services $ 36 $ — $ 44 $ — Infrastructure services — — 242 201 Total $ 36 $ — $ 286 $ 201 |
ACCOUNTS PAYABLE AND OTHER (Tab
ACCOUNTS PAYABLE AND OTHER (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of accounts payable and other | (US$ MILLIONS) 2018 2017 Current: Accounts payable $ 1,819 $ 1,451 Accrued and other liabilities (1) (2) 3,498 2,992 Work in progress (3) 1,637 341 Provisions and decommissioning liabilities 234 81 Total current $ 7,188 $ 4,865 Non-current: Accounts payable $ 97 $ 113 Accrued and other liabilities (2) 1,206 435 Work in progress (3) 71 86 Provisions and decommissioning liabilities (4) 520 139 Total non-current $ 1,894 $ 773 ____________________________________ (1) Includes bank overdrafts of $581 million as at December 31, 2018 (2017: $581 million ). (2) Includes defined benefit pension obligation of $500 million ( $12 million current and $488 million non-current) and post-retirement benefits obligation of $67 million ( $5 million current and $62 million non-current) as at December 31, 2018 . (3) See Note 16 for additional information. (4) Decommissioning liability results primarily from the partnership's ownership interest in oil and natural gas wells and facilities, mining facilities, retail gas stations, a services provider to the offshore oil production industry and power generation services. The liability represents the estimated cost to reclaim and abandon the asset and takes into account the estimated timing of the cost to be incurred in future periods. The liability was determined using a risk rate between 1.9% and 8.5% ( 2017 : 1.7% and 8.5% ) and an inflation rate between 1.9% and 3% ( 2017 : 1.4% and 2% ), determined as appropriate for the underlying subsidiaries. |
Disclosure of other provisions | The following table presents the change in the provision balances for the partnership: (US$ MILLIONS) Decommissioning liability Provisions for defects Other Total provisions Balance at January 1, 2017 $ 134 $ 47 $ 22 $ 203 Additional provisions recognized 8 12 77 97 Reduction arising from payments/derecognition (2 ) (17 ) (15 ) (34 ) Accretion expenses 7 — — 7 Change in discount rate (51 ) — — (51 ) Change in other estimates (14 ) — (3 ) (17 ) Net foreign currency exchange differences 11 3 1 15 Balance at December 31, 2017 $ 93 $ 45 $ 82 $ 220 Additions through business combinations (1) 193 — 388 581 Additional provisions recognized — 11 62 73 Reduction arising from payments/derecognition (5 ) (10 ) (137 ) (152 ) Accretion expenses 8 — 1 9 Change in discount rate (1 ) — — (1 ) Change in other estimates 31 2 10 43 Net foreign currency exchange differences (8 ) (3 ) (8 ) (19 ) Balance at December 31, 2018 $ 311 $ 45 $ 398 $ 754 ____________________________________ (1) Includes provisions for site restoration, legal fees, and reserves for contract loss attributable to the acquisition of Westinghouse and consolidation of Teekay Offshore in our Infrastructure Services business. |
CONTRACTS IN PROGRESS (Tables)
CONTRACTS IN PROGRESS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Construction Contracts [Abstract] | |
Disclosure of contracts in progress | A summary of the partnership's contracts in progress are below: (US$ MILLIONS) 2018 2017 2016 Contract costs incurred to date $ 20,455 $ 12,129 $ 9,761 Profit recognized to date (less recognized losses) 1,946 558 498 22,401 12,687 10,259 Less: progress billings (23,546 ) (12,919 ) (10,189 ) Contract work in progress (liability) $ (1,145 ) $ (232 ) $ 70 Comprising: Amounts due from customers — work in progress (1) $ 563 $ 195 $ 309 Amounts due to customers — creditors (2) (1,708 ) (427 ) (239 ) Net work in progress $ (1,145 ) $ (232 ) $ 70 ____________________________________ (1) The change in the balance from December 31, 2017 was due to billed amounts of $1,446 million , additions to work in progress of $1,340 million , acquisitions through business combinations of $490 million , and the remainder due to foreign exchange changes. (2) The change in the balance from December 31, 2017 was due to recognized revenue of $1,828 million , additions to work in progress of $1,974 million , acquisitions through business combinations of $1,168 million , and the remainder due to foreign exchange changes. |
BORROWINGS (Tables)
BORROWINGS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Financial Instruments [Abstract] | |
Disclosure of detailed information about borrowings | (US$ MILLIONS) Business Services Infrastructure Services Industrial Operations Total Borrowings 2019 $ 797 $ 713 $ 309 $ 1,819 2020 22 359 622 1,003 2021 27 313 452 792 2022 177 602 207 986 2023 72 507 227 806 Thereafter 133 3,254 2,073 5,460 Total - December 31, 2018 $ 1,228 $ 5,748 $ 3,890 $ 10,866 Total - December 31, 2017 $ 1,190 $ — $ 2,075 $ 3,265 The weighted average interests rates of borrowings are as follows: (US$ MILLIONS) Weighted Average Rate Weighted Average Term Consolidated 2018 2017 2018 2017 2018 2017 Business Services 5.11 % 4.06 % 2.47 3.07 $ 1,228 $ 1,190 Infrastructure Services 6.16 % 2.97 % 6.14 1.55 5,748 — Industrial Operations 7.31 % 9.22 % 6.66 7.05 3,890 $ 2,075 Corporate and Others — % — % 0 0 — — Total 6.45 % 7.33 % 5.93 5.60 $ 10,866 $ 3,265 Borrowings by currency are as follows: (US$ MILLIONS, except as noted) December 31, Local Currency December 31, Local Currency Australian dollars $ 5 7 $ — — British pounds 33 26 46 36 U.S. dollars 8,605 8,605 974 974 Canadian dollars 786 1,073 936 1,090 Euro 264 231 17 14 Brazilian reais 1,135 4,399 1,292 4,271 Other 38 175 — 2 Total $ 10,866 $ 3,265 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Taxes [Abstract] | |
Disclosure of major components of income tax expense | The major components of income tax expense include the following for the years ended December 31 : (US$ MILLIONS) 2018 2017 2016 Current income tax expense/(recovery) $ 186 $ 30 $ 25 Deferred income tax expense/(recovery): Origination and reversal of temporary differences (61 ) (14 ) (32 ) Recovery arising from previously unrecognized tax assets (27 ) (10 ) (8 ) Change of tax rates and imposition of new legislations — 2 (1 ) Total deferred income taxes (88 ) (22 ) (41 ) Income taxes $ 98 $ 8 $ (16 ) |
Disclosure of effective tax rate differences | The partnership's effective tax rate is different from our partnership's composite income tax rate due to the following differences set out below: 2018 2017 2016 Composite income tax rate 27 % 27 % 27 % Increase (reduction) in rate resulting from: Portion of gains subject to different tax rates (1 ) (6 ) (1 ) International operations subject to different tax rates (16 ) 5 3 Taxable income attributable to non-controlling interest (3 ) (18 ) 6 Recognition of deferred tax assets (2 ) (5 ) 2 Non-recognition of the benefit of current year's tax losses 1 (1 ) (29 ) Other 2 1 (1 ) Effective income tax rate 8 % 3 % 7 % |
Disclosure of temporary difference, unused tax losses and unused tax credits [text block] | Deferred income tax assets and liabilities as at December 31, 2018 and 2017 relate to the following: (US$ MILLIONS) December 31, 2018 December 31, 2017 Non-capital losses (Canada) $ 28 $ 83 Capital losses (Canada) — — Losses (U.S.) 72 7 Losses (International) 78 122 Difference in basis (765 ) (875 ) Total net deferred tax (liability)/asset $ (587 ) $ (663 ) Reflected in the statement of financial position as follows: Deferred income tax assets 280 174 Deferred income tax liabilities (867 ) (837 ) Total net deferred tax (liability)/asset $ (587 ) $ (663 ) The deferred income tax movements are as follows: (US$ MILLIONS) December 31, 2018 December 31, 2017 Opening net deferred tax (liability)/asset $ (663 ) $ 30 Recognized in income 88 22 Recognized in other comprehensive income (2 ) — Recognized in other (1) (10 ) (715 ) Net deferred tax (liability)/asset $ (587 ) $ (663 ) ____________________________________ (1) The Other category primarily relates to adjustments made to our partnership's equity related to acquisitions and dispositions and the foreign exchange impact of the deferred tax asset calculated in the functional currency of the operating entities. |
Disclosure of expiry date of unrecognized deferred tax assets | The following table details the expiry date, if applicable, of the unrecognized deferred tax assets: (US$ MILLIONS) December 31, 2018 December 31, 2017 2019 $ 10 $ — 2020 — 1 2021 1 272 2022 and after 322 — Do not expire 587 47 Total $ 920 $ 320 |
Disclosure of components of income tax in other comprehensive income | The components of the income taxes in other comprehensive income for the years ended December 31, 2018 , 2017 , and 2016 are set out below: (US$ MILLIONS) 2018 2017 2016 Fair value through OCI $ (3 ) $ (1 ) $ 1 Net investment hedges 13 (8 ) 3 Cash flow hedges (6 ) 10 (3 ) Equity accounted investments — (1 ) (7 ) Pension plan actuarial changes (2 ) — — Total deferred tax expense (recovery) in other comprehensive income $ 2 $ — $ (6 ) |
EQUITY (Tables)
EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [abstract] | |
Disclosure of classes of share capital | Preferred Shares held by Brookfield UNITS 2018 2017 Authorized and issued Opening balance 200,002 200,002 On issue at December 31 200,002 200,002 Special Limited Partner Units held by Brookfield UNITS 2018 2017 Authorized and issued Opening balance 4 4 On issue at December 31 4 4 General and limited partnership units outstanding are as follows: General Partner Units Limited Partnership Units Total UNITS 2018 2017 2018 2017 2018 2017 Authorized and issued Opening balance 4 4 66,185,798 51,845,298 66,185,802 51,845,302 Issued for cash — — — 14,340,500 — 14,340,500 On issue at December 31 4 4 66,185,798 66,185,798 66,185,802 66,185,802 Redemption-Exchange Units held by Brookfield UNITS 2018 2017 Authorized and issued Opening balance 63,095,497 56,150,497 Issued for cash — 6,945,000 On issue at December 31 63,095,497 63,095,497 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of analysis of other comprehensive income by item [abstract] | |
Disclosure of accumulated other comprehensive income (loss) | Attributable to Limited Partners (US$ MILLIONS) Foreign currency translation Fair value through OCI Other (1) Accumulated other comprehensive income (loss) Balance as at January 1, 2018 $ (111 ) $ 6 $ (7 ) $ (112 ) Other comprehensive income (loss) (71 ) 3 (5 ) (73 ) Ownership changes — — (1 ) (1 ) Balance as at December 31, 2018 $ (182 ) $ 9 $ (13 ) $ (186 ) ____________________________________ (1) Represents net investment hedges, cash flow hedges and other reserves. (US$ MILLIONS) Foreign currency translation Available for sale Other (1) Accumulated other comprehensive income (loss) Balance as at January 1, 2017 $ (148 ) $ 4 $ 3 $ (141 ) Other comprehensive income (loss) 37 2 (10 ) 29 Balance as at December 31, 2017 $ (111 ) $ 6 $ (7 ) $ (112 ) ____________________________________ (1) Represents net investment hedges, cash flow hedges and other reserves. (US$ MILLIONS) Foreign currency translation Available for sale Other (1) Accumulated other comprehensive income (loss) Balance as at January 1, 2016 $ — $ — $ — $ — Other comprehensive income (loss) (21 ) 13 — (8 ) Ownership changes — — (2 ) (2 ) Unit issuance / reorganization (127 ) (9 ) 5 (131 ) Balance as at December 31, 2016 $ (148 ) $ 4 $ 3 $ (141 ) ____________________________________ (1) Represents net investment hedges, cash flow hedges and other reserves. Attributable to Non-controlling interest — Redemption-Exchange Units held by Brookfield Asset Management Inc. (US$ MILLIONS) Foreign currency translation Fair value through OCI Other (1) Accumulated other comprehensive income (loss) Balance as at January 1, 2018 $ (165 ) $ 4 $ (4 ) $ (165 ) Other comprehensive income (loss) (67 ) 3 (5 ) (69 ) Ownership changes — — (1 ) (1 ) Balance as at December 31, 2018 $ (232 ) $ 7 $ (10 ) $ (235 ) ____________________________________ (1) Represents net investment hedges, cash flow hedges and other reserves. (US$ MILLIONS) Foreign currency translation Available for sale Other (1) Accumulated other comprehensive income (loss) Balance as at January 1, 2017 $ (205 ) $ 2 $ 6 $ (197 ) Other comprehensive income (loss) 40 2 (10 ) 32 Balance as at December 31, 2017 $ (165 ) $ 4 $ (4 ) $ (165 ) ____________________________________ (1) Represents net investment hedges, cash flow hedges and other reserves. (US$ MILLIONS) Foreign currency translation Available for sale Other (1) Accumulated other comprehensive income (loss) Balance as at January 1, 2016 $ — $ — $ — $ — Other comprehensive income (loss) (24 ) 15 1 (8 ) Ownership changes — — (2 ) (2 ) Unit issuance / reorganization (181 ) (13 ) 7 (187 ) Balance as at December 31, 2016 $ (205 ) $ 2 $ 6 $ (197 ) ____________________________________ (1) Represents net investment hedges, cash flow hedges and other reserves. Attributable to Brookfield Asset Management Inc. (US$ MILLIONS) Foreign currency translation Available for sale Other (1) Accumulated other comprehensive income (loss) Balance as at January 1, 2016 $ (358 ) $ (35 ) $ 33 $ (360 ) Other comprehensive income (loss) 53 13 (16 ) 50 Net increase/decrease in parent company investment (3 ) — (5 ) (8 ) Balance as at Unit issuance/reorganization 308 22 (12 ) 318 Balance as at December 31, 2016 $ — $ — $ — $ — ____________________________________ (1) Represents net investment hedges, cash flow hedges and other reserves. |
DIRECT OPERATING COSTS (Tables)
DIRECT OPERATING COSTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Analysis of income and expense [abstract] | |
Disclosure of direct operating costs | The following table lists direct operating costs for the year ended 2018 , 2017 , and 2016 by nature: (US$ MILLIONS) 2018 2017 2016 Cost of sales $ 31,539 $ 20,276 $ 6,021 Compensation 2,530 1,568 1,346 Property taxes, sales taxes and other 65 32 19 Total $ 34,134 $ 21,876 $ 7,386 |
CONTRACTUAL COMMITMENTS (Tables
CONTRACTUAL COMMITMENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Contractual Commitments [Abstract] | |
Disclosure of obligations under finance and operating leases | As at December 31, 2018 the minimum lease payments for the partnership's assets under finance lease are as follows: (US$ MILLIONS) 1 Year 2-5 Years 5+ Years Total Minimum lease payments $ 12 $ 32 $ 16 $ 60 Total finance lease obligations $ 12 $ 32 $ 16 $ 60 (c) Obligations under operating leases As at December 31, 2018 the minimum lease payments for the partnership's assets under operating lease are as follows: (US$ MILLIONS) 1 Year 2-5 Years 5+ Years Total Minimum lease payments $ 225 $ 484 $ 536 $ 1,245 Total operating lease obligations $ 225 $ 484 $ 536 $ 1,245 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Related Party [Abstract] | |
Disclosure of transactions between related parties | The following table summarizes other transactions the partnership has entered into with related parties: Year Ended December 31, (US$ MILLIONS) 2018 2017 2016 Transactions during the period (1) Business services revenues $ 435 $ 358 $ 367 ____________________________________ (1) Within our business services segment, the partnership provides construction services and real estate financial advisory services to affiliates of Brookfield. (US$ MILLIONS) December 31, 2018 December 31, 2017 Balances at end of period: Accounts receivable $ 63 $ 64 Accounts payable and other $ 63 $ 106 |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Financial Instruments [Abstract] | |
Disclosure of detailed information about hedging instruments | The following table presents the notional amounts underlying the partnership's derivative instruments by term to maturity as at December 31, 2018 and the comparative notional amounts as at December 31, 2017 , for both derivatives that are classified as fair value through profit of loss and derivatives that qualify for hedge accounting: 2018 2017 (US$ MILLIONS) Note < 1 year 1 to 5 years >5 years Total notional amount Total notional amount Fair value through profit or loss Foreign exchange contracts (a) $ 399 $ (84 ) $ — $ 315 $ 286 Interest rate and cross currency swaps (b) 15 942 525 1,482 — Warrants (c) — 31 — 31 — Elected for hedge accounting Foreign exchange contracts (a) 1,152 185 — 1,337 957 Interest rate and cross currency swaps (b) 1,500 — — 1,500 — Option contracts (e) 5,250 — — 5,250 — $ 8,316 $ 1,074 $ 525 $ 9,915 $ 1,243 The aggregate notional amounts of the partnership's derivative positions as at December 31, 2018 and 2017 were as follows: (US$ MILLIONS) 2018 2017 Foreign exchange contracts $ 1,652 $ 1,243 Interest rate swaps and cross currency swaps 2,982 — Warrants 31 — Option contracts 5,250 — $ 9,915 $ 1,243 |
Disclosure of information about terms and conditions of hedging instruments | The following table presents the notional amounts and average exchange rates for foreign exchange contracts held by the partnership as at December 31, 2018 and 2017 . The notional amounts as at December 31, 2018 and comparative year 2017 include both buy and sell contracts. Notional amount (U.S. Dollars) Average exchange rate 2018 2017 2018 2017 Foreign exchange contracts Australian dollars $ 184 $ 191 0.75 0.76 Brazilian Real 35 — 0.25 — British Pounds 131 90 1.29 1.33 Canadian dollars 940 785 0.76 0.78 Chinese Yuan (15 ) (11 ) 0.14 0.15 Euros 44 35 1.18 1.18 Indian Rupees 188 154 0.01 0.01 Japanese Yen 4 3 0.01 0.01 Mexican Pesos (5 ) (5 ) 0.05 0.05 Norwegian Krone 53 — 0.13 — South Africa Rand 3 1 0.07 0.08 Swedish Krona 94 — 0.13 — Swiss Franc (4 ) — 1.00 — $ 1,652 $ 1,243 The following table presents the notional amounts underlying the partnership's derivative instruments by term to maturity as at December 31, 2018 and the comparative notional amounts as at December 31, 2017 , for both derivatives that are classified as fair value through profit of loss and derivatives that qualify for hedge accounting: 2018 2017 (US$ MILLIONS) Note < 1 year 1 to 5 years >5 years Total notional amount Total notional amount Fair value through profit or loss Foreign exchange contracts (a) $ 399 $ (84 ) $ — $ 315 $ 286 Interest rate and cross currency swaps (b) 15 942 525 1,482 — Warrants (c) — 31 — 31 — Elected for hedge accounting Foreign exchange contracts (a) 1,152 185 — 1,337 957 Interest rate and cross currency swaps (b) 1,500 — — 1,500 — Option contracts (e) 5,250 — — 5,250 — $ 8,316 $ 1,074 $ 525 $ 9,915 $ 1,243 |
FINANCIAL RISK MANAGEMENT (Tabl
FINANCIAL RISK MANAGEMENT (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Financial Instruments [Abstract] | |
Disclosure of capital structure | The capital structure of our partnership consists of debt, offset by cash and equity. (US$ MILLIONS) 2018 2017 Corporate borrowings $ — $ — Non-recourse subsidiary borrowings 10,866 3,265 Cash (1,949 ) (1,106 ) Net debt 8,917 2,159 Total equity 6,494 6,064 Total capital and net debt $ 15,411 $ 8,223 Net debt to capitalization ratio 58 % 26 % |
Disclosure of liquidity management | The following tables detail the contractual maturities for the partnership’s financial liabilities. The tables reflect the undiscounted cash flows of financial liabilities based on the earliest date on which our partnership can be required to pay. The tables include both interest and principal cash flows: December 31, 2018 (US$ MILLIONS) Less than 1 year 1-2 years 2-5 years 5+ years Total contractual cash flows Non-derivative financial liabilities Accounts payable and other liabilities (1) $ 6,863 $ 364 $ 219 $ 192 $ 7,638 Interest-bearing liabilities 2,370 1,517 3,829 5,906 13,622 Finance lease liabilities 12 7 25 16 60 ____________________________________ (1) Excludes $1,321 million of decommissioning liabilities, other provisions, and post-employment benefits, $61 million of capital leases, and $62 million of loans and notes payable. December 31, 2017 (US$ MILLIONS) Less than 1 year 1-2 years 2-5 years 5+ years Total contractual cash flows Non-derivative financial liabilities Accounts payable and other liabilities (1) $ 4,677 $ 280 $ 155 $ 118 $ 5,230 Interest-bearing liabilities 825 801 1,075 584 3,285 Finance lease liabilities 11 4 2 — 17 ___________________________________ (1) Excludes $285 million of decommissioning liabilities, other provisions, and post-employment benefits, $17 million of capital leases, and $106 million of loans and notes payable. (d) |
Disclosure of foreign currency exposure | ables below set out our partnership’s currency exposure as at December 31, 2018 and 2017 : December 31, 2018 USD AUD GBP CAD EUR BRL Other Total Assets Current assets $ 3,636 $ 402 $ 2,197 $ 1,186 $ 658 $ 480 $ 1,222 $ 9,781 Non-current assets 9,414 733 819 1,997 993 3,065 516 17,537 $ 13,050 $ 1,135 $ 3,016 $ 3,183 $ 1,651 3,545 $ 1,738 $ 27,318 Liabilities Current liabilities $ 2,886 $ 551 $ 2,514 $ 1,232 $ 592 $ 314 $ 927 $ 9,016 Non-current liabilities 8,571 123 189 516 505 1,824 80 11,808 $ 11,457 $ 674 $ 2,703 $ 1,748 $ 1,097 $ 2,138 $ 1,007 $ 20,824 Non-controlling interest 1,060 52 171 750 383 1,052 63 3,531 Net investment to the partnership $ 533 $ 409 $ 142 $ 685 $ 171 $ 355 $ 668 $ 2,963 December 31, 2017 USD AUD GBP CAD EUR BRL Other Total Assets Current assets $ 1,482 $ 497 $ 1,871 $ 1,232 $ 142 $ 487 $ 722 $ 6,433 Non-current assets 1,655 817 512 2,329 204 3,535 319 9,371 $ 3,137 $ 1,314 $ 2,383 $ 3,561 $ 346 4,022 $ 1,041 $ 15,804 Liabilities Current liabilities $ 817 $ 594 $ 2,108 $ 1,294 $ 81 $ 306 $ 490 $ 5,690 Non-current liabilities 816 78 143 743 28 2,096 146 4,050 $ 1,633 $ 672 $ 2,251 $ 2,037 $ 109 $ 2,402 $ 636 $ 9,740 Non-controlling interest 430 101 4 897 134 1,250 210 3,026 Net investment to the partnership $ 1,074 $ 541 $ 128 $ 627 $ 103 $ 370 $ 195 $ 3,038 T he |
Disclosure of sensitivity analysis for foreign currency risk | artnership’s exposures to foreign currencies and the sensitivity of net income and other comprehensive income, on a pre-tax basis, to a 10% change in the exchange rates relative to the United States dollar is summarized below: December 31, 2018 (US$ MILLIONS) OCI attributable to unitholders Net income attributable to unitholders Australian dollar $ (36 ) $ — Canadian dollar (12 ) 3 Brazilian real (35 ) 4 Other (19 ) 5 December 31, 2017 (US$ MILLIONS) OCI attributable to unitholders Net income attributable to unitholders Australian dollar $ (88 ) $ — Canadian dollar (37 ) — Brazilian real (33 ) — Other (9 ) (20 ) December 31, 2016 (US$ MILLIONS) OCI attributable to unitholders Net income attributable to unitholders Australian dollar $ (55 ) $ — Canadian dollar (50 ) — Other (3 ) 1 (e) |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Operating Segments [Abstract] | |
Disclosure of operating segments | Year Ended December 31, 2018 Total attributable to the partnership (US$ MILLIONS) Business Services Infrastructure Services Industrial Operations Corporate Total Revenues (1) $ 30,847 $ 2,418 $ 3,896 $ 7 $ 37,168 Direct operating costs (30,351 ) (1,715 ) (2,060 ) (8 ) (34,134 ) General and administrative expenses (278 ) (65 ) (231 ) (69 ) (643 ) Equity accounted Company EBITDA (2) 34 120 42 — 196 Company EBITDA attributable to others (3) (124 ) (463 ) (1,157 ) — (1,744 ) Company EBITDA (4) 128 295 490 (70 ) 843 Realized disposition gain (loss), net (5) 55 — 195 — 250 Other income (expense), net (6) — (15 ) (3 ) — (18 ) Interest income (expense), net (66 ) (176 ) (263 ) 7 (498 ) Realized disposition gain, current income taxes and interest expenses related to equity accounted investments (2) (3 ) (41 ) (10 ) — (54 ) Current income taxes (44 ) (10 ) (132 ) — (186 ) Company FFO attributable to others (net of Company EBITDA attributable to others) (3) 61 142 193 — 396 Company FFO (4) 131 195 470 (63 ) 733 Depreciation and amortization expense (7) (748 ) Gain on acquisition/disposition (5) 250 Impairment expense, net (218 ) Other income (expense), net (6) (118 ) Deferred income taxes 88 Non-cash items attributable to equity accounted investments (2) (132 ) Non-cash items attributable to others (3) 567 Net income (loss) attributable to unitholders (4) $ 422 ____________________________________ (1) For the year ended December 31, 2018 , revenues by business unit in our Business Services segment are as follows: Road Fuel Distribution & Marketing $23,794 million , Construction Services $4,545 million Facilities Management $1,925 million , Logistics $425 million , Residential Real Estate Services $105 million , Financial Advisory $32 million and Other $21 million . (2) The sum of these amounts equates to equity accounted income of $10 million as per the consolidated statements of operating results. (3) The sum of these amounts equates to net income attributable to others of $781 million as per the consolidated statements of operating results. (4) Company EBITDA, company FFO and net income attributable to unitholders include company EBITDA, company FFO and net income attributable to limited partnership unitholders, general partnership unitholders, redemption-exchange unitholders, and special limited partnership unitholders. (5) The sum of these amounts equates to the gain on acquisitions / dispositions, net of $500 million as per the consolidated statements of operating results. (6) The sum of these amounts equates to the other expense, net of $136 million as per the consolidated statements of operating results. (7) For the year ended December 31, 2018 , depreciation and amortization by segment is as follows: Infrastructure Services $309 million , Business Services $135 million , Industrial Operations $304 million , and Corporate and Other $ nil . Year Ended December 31, 2017 Total attributable to the partnership (US$ MILLIONS) Business Services Infrastructure Services Industrial Corporate Total Revenues (1) $ 20,874 $ 3 $ 1,939 $ 7 $ 22,823 Direct operating costs (20,448 ) — (1,425 ) (3 ) (21,876 ) General and administrative expenses (182 ) — (113 ) (45 ) (340 ) Equity accounted Company EBITDA (2) 28 31 49 — 108 Company EBITDA attributable to others (3) (169 ) — (306 ) — (475 ) Company EBITDA (4) 103 34 144 (41 ) 240 Realized disposition gain (loss), net 19 — 225 — 244 Interest income (expense), net (47 ) — (154 ) (1 ) (202 ) Realized disposition gain, current income taxes and interest expenses related to equity accounted investments (2) — (13 ) (4 ) — (17 ) Current income taxes (16 ) — (32 ) 18 (30 ) Company FFO attributable to others (net of Company EBITDA attributable to others) (3) 33 — (16 ) — 17 Company FFO (4) 92 21 163 (24 ) 252 Depreciation and amortization expense (5) (371 ) Realized disposition gains recorded in prior periods 23 Impairment expense, net (39 ) Other income (expense), net (108 ) Deferred income taxes 22 Non-cash items attributable to equity accounted investments (2) (22 ) Non-cash items attributable to others (3) 267 Net income (loss) attributable to unitholders (4) $ 24 ____________________________________ (1) For the year ended December 31, 2017 , revenues by business unit in our Business Services segment are as follows: Construction Services $4,650 million , Facilities Management $1,775 million , Road Fuel Distribution and Marketing $13,842 million , Residential Real Estate Services $108 million , Logistics $447 million , Financial Advisory $32 million , and Other $20 million . (2) The sum of these amounts equates to equity accounted income of $69 million as per the consolidated statements of operating results. (3) The sum of these amounts equates to net income attributable to others of $191 million as per the consolidated statements of operating results. (4) Company EBITDA, company FFO and net income attributable to unitholders include company EBITDA, company FFO and net income attributable to limited partnership unitholders, general partnership unitholders, redemption-exchange unitholders, and special limited partnership unitholders. (5) For the year ended December 31, 2017 , depreciation and amortization by segment is as follows; Infrastructure Services $ nil , Business Services $99 million , Industrial Operations $272 million , Corporate and Other $ nil . Year Ended December 31, 2016 Total attributable to the partnership (US$ MILLIONS) Business Services Infrastructure Services Industrial Operations Corporate and Other Total Revenues (1) $ 6,393 $ — $ 1,566 $ 1 $ 7,960 Direct operating costs (6,053 ) — (1,333 ) — (7,386 ) General and administrative expenses (146 ) — (106 ) (17 ) (269 ) Equity accounted Company EBITDA (2) 23 — 144 — 167 Company EBITDA attributable to others (3) (44 ) — (188 ) — (232 ) Company EBITDA (4) 173 — 83 (16 ) 240 Realized disposition gain/(loss), net — — 57 — 57 Interest income (expense), net (15 ) — (74 ) (1 ) (90 ) Realized disposition gain, current income taxes and interest expenses related to equity accounted investments (2) — — (9 ) — (9 ) Current income taxes (20 ) — (5 ) — (25 ) Company FFO attributable to others (net of Company EBITDA attributable to others) (3) 10 — 17 — 27 Company FFO (4) 148 — 69 (17 ) 200 Depreciation and amortization expense (5) (286 ) Impairment expense, net (261 ) Other income (expense), net (11 ) Deferred income taxes 41 Non-cash items attributable to equity accounted investments (2) (90 ) Non-cash items attributable to others (3) 378 Net income (loss) attributable to parent (4) $ (29 ) ____________________________________ (1) For the year ended December 31, 2016, revenues by business unit in our Business Services segment are as follows: Construction Services $4,387 million , Facilities Management $1,294 million , Residential Real Estate Services $619 million , Financial Advisory $64 million , and Other $29 million . (2) The sum of these amounts equates to equity accounted income of $68 million as per the consolidated statements of operating results. (3) The sum of these amounts equates to net loss attributable to others of $173 million as per the consolidated statements of operating results. (4) Company EBITDA, company FFO and net income attributable to unitholders include Company EBITDA, company FFO and net income attributable to limited partnership unitholders, general partnership unitholders, redemption-exchange unitholders, and special limited partnership unitholders and company EBITDA, company FFO and net income attributable to the parent company prior to the spin-off on June 20, 2016. (5) For the year ended December 31, 2016, depreciation and amortization by segment is as follows: Business Services $52 million , Industrial Operations $234 million , and Corporate and Other $ nil . The following is an analysis of the partnership's assets by reportable operating segment as at December 31, 2018 and 2017 : As at December 31, 2018 Total attributable to the partnership (US$ MILLIONS) Business Services Infrastructure Services Industrial Operations Corporate and Other Total Total assets $ 7,613 $ 11,640 $ 7,650 $ 415 $ 27,318 As at December 31, 2017 Total attributable to the partnership (US$ MILLIONS) Business Services Infrastructure Industrial Operations Corporate and Other Total Total assets $ 7,899 $ 306 $ 7,204 $ 395 $ 15,804 |
Disclosure of disaggregation of revenue from contracts with customers | The tables below summarize our segment revenue by geography, and timing of revenue recognition for IFRS 15 revenue for the year-ended December 31, 2018 : (US$ MILLIONS) Timing of Revenue Recognition Business Services Infrastructure Services Industrial Operations Corporate and Other Total Goods/services provided at a point in time $ 24,296 $ 944 $ 3,587 $ — $ 28,827 Services transferred over a period of time 6,518 1,469 278 — 8,265 Total IFRS 15 revenue $ 30,814 $ 2,413 $ 3,865 $ — $ 37,092 Other non IFRS 15 revenue 33 5 31 7 76 Total revenue $ 30,847 $ 2,418 $ 3,896 $ 7 $ 37,168 (US$ MILLIONS) Geography Business Services Infrastructure Services Industrial Operations Corporate and Other Total (1) United Kingdom $ 21,757 $ 119 $ 99 $ — $ 21,974 Canada 3,786 57 830 — 4,673 Australia 2,936 9 — — 2,945 Brazil 679 142 901 — 1,722 United States of America 478 802 487 — 1,767 Middle East (2) 435 3 7 — 445 Europe 704 901 1,300 — 2,905 Other 39 380 241 — 660 Total IFRS 15 revenue $ 30,814 $ 2,413 $ 3,865 $ — $ 37,092 ____________________________________ (1) Geography of the other non IFRS 15 revenue is as follows: United Kingdom $9 million , Canada $ 18 million , Australia $16 million , Brazil $14 million , United States $5 million , Middle East $(2) million , Europe $4 million and Other $13 million . (2) Middle East primarily consists of United Arab Emirates. |
Disclosure of revenues and non-current assets by geographical areas | Revenues from external customers (US$ MILLIONS) 2018 2017 2016 United Kingdom $ 21,983 $ 13,637 $ 1,451 Canada 4,691 3,273 1,954 Australia 2,961 2,884 2,502 Brazil 1,736 1,252 52 United States of America 1,772 655 927 Middle East 443 593 732 Europe 2,909 411 251 Other 673 118 91 Total revenues $ 37,168 $ 22,823 $ 7,960 Non-current Assets (1) (US$ MILLIONS) 2018 2017 United Kingdom $ 2,032 $ 918 Canada 2,403 2,355 Australia 746 909 Brazil 4,205 3,545 United States of America 3,823 471 Middle East 108 138 Europe 3,765 401 Other 455 634 Total non-current assets $ 17,537 $ 9,371 ____________________________________ (1) Non-current assets are comprised of property, plant and equipment, intangible assets, equity accounted investments, goodwill and other non-current assets. |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Cash Flow Statement [Abstract] | |
Disclosure of interest and income taxes paid | Year Ended December 31 (US$ MILLIONS) 2018 2017 2016 Interest paid $ 456 $ 103 $ 74 Income taxes paid $ 112 $ 41 $ 9 |
Disclosure of changes in non-cash working capital | Details of "Changes in non-cash working capital, net" on the consolidated statements of cash flow are as follows: Year Ended December 31 (US$ MILLIONS) 2018 2017 2016 Accounts receivable $ (11 ) $ (520 ) $ (55 ) Inventory 153 (259 ) 60 Prepayments and other (89 ) 185 (123 ) Accounts payable and other (322 ) 143 127 Changes in non-cash working capital, net $ (269 ) $ (451 ) $ 9 |
Disclosure of reconciliation of liabilities arising from financing activities | The following table presents the change in the balance of liabilities arising from financing activities as at December 31, 2018 : (US$ MILLIONS) 2018 2017 Balance at January 1, $ 3,265 $ 1,551 Cash flows 4,568 349 Non-cash changes: Acquisitions / (Disposition) of subsidiaries 3,258 1,386 Foreign currency translation (299 ) (7 ) Fair value 43 — Other changes 31 (14 ) Balance at December 31, $ 10,866 $ 3,265 |
POST-EMPLOYMENT BENEFITS (Table
POST-EMPLOYMENT BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Employee Benefits [Abstract] | |
Disclosure of net defined benefit liability (asset) | The following table shows the changes in the present value of the defined benefit obligation and the fair value of plan assets as at December 31, 2018 : Defined benefit pension plan Post-retirement plan (US$ MILLIONS) 2018 2017 2018 2017 Changes in defined benefit obligation Defined benefit obligation at beginning of year $ 164 $ 162 $ 28 $ 29 Defined benefit obligation at acquisition 1,923 — 45 — Service cost 10 1 1 — Interest cost 35 6 2 1 Participant contributions 1 — 1 — Insurance premiums for risk benefits (2 ) — — — Foreign currency exchange changes (12 ) — (2 ) (1 ) Actuarial gain due to financial assumption changes (39 ) 6 (2 ) — Actuarial gain due to demographic assumption changes (3 ) (1 ) — — Actuarial experience adjustments 2 (1 ) — (2 ) Benefits paid from plan assets (36 ) — (1 ) — Benefits paid from employer (6 ) (9 ) (4 ) 1 Defined benefit obligation at end of year $ 2,037 $ 164 $ 68 $ 28 Changes in fair value of plan assets Fair value of plan assets at beginning of year $ (126 ) $ (116 ) $ — $ — Fair value of plan assets at acquisition (1,438 ) — — — Interest income (29 ) (4 ) — — Return on plan assets (excluding interest income) 112 (9 ) — — Foreign currency exchange rate changes 10 — — — Employer contributions (118 ) (7 ) (1 ) — Participant contributions (2 ) — (1 ) — Employer direct settlements (1 ) — 1 (2 ) Benefits paid from plan assets 41 8 2 — Benefits paid from employer 1 1 (1 ) 2 Administrative expenses paid from plan assets 7 1 — — Insurance premiums for risk benefits 1 — — — Fair value of plan assets at year end $ (1,542 ) $ (126 ) $ — $ — Net liability at end of year $ 495 $ 38 $ 68 $ 28 The following table summarizes the defined benefit obligation and the fair value of plan assets by geography as at December 31, 2018 : (US$ MILLIONS) United States Canada Other Total Defined benefit pension plan Defined benefit obligation $ 1,573 $ 4 $ 460 $ 2,037 Fair value of plan assets (1,211 ) (3 ) (328 ) (1,542 ) Net liability $ 362 $ 1 $ 132 $ 495 Post-retirement plan Defined benefit obligation at end of year $ 49 $ 12 $ 7 $ 68 Net liability $ 49 $ 12 $ 7 $ 68 The following table summarizes the defined benefit obligation and the fair value of plan assets by geography as at December 31, 2017 : (US$ MILLIONS) United States Canada Other Total Defined benefit pension plan Defined benefit obligation $ 140 $ 4 $ 20 $ 164 Fair value of plan assets (110 ) (3 ) (13 ) (126 ) Net liability $ 30 $ 1 $ 7 $ 38 Post-retirement plan Defined benefit obligation at end of year $ 9 $ 13 $ 6 $ 28 Net liability $ 9 $ 13 $ 6 $ 28 Amounts recognized in respect of these defined benefit and post-retirement plans during the year are as follows: Defined benefit pension plan Post-retirement plan (US$ MILLIONS) 2018 2017 2018 2017 Amounts recognized in profit and loss Current service cost $ 11 $ 1 $ — $ — Net interest expense 6 2 2 1 Administrative expense 7 1 — — Total expense recognized in profit and loss $ 24 $ 4 $ 2 $ 1 Amounts recognized in other comprehensive income Return on plan assets (excluding amounts included in net interest expense) $ 113 $ (7 ) $ — $ — Actuarial gains and losses arising from changes in demographic assumptions (4 ) (1 ) — — Actuarial gains and losses arising from changes in financial assumptions (39 ) 6 (2 ) — Actuarial gains and losses arising from experience adjustments 2 (1 ) — (2 ) Total expense (gain) recognized in other comprehensive income $ 72 $ (3 ) $ (2 ) $ (2 ) Total expense (gain) recognized in comprehensive income $ 96 $ 1 $ — $ (1 ) |
Disclosure of fair value of plan assets | The following table summarizes the fair value of plan assets by category as at December 31, 2018 : (US$ MILLIONS) Level 1 Level 2 (1) Level 3 (2) Total Cash and cash equivalents $ 13 $ 1 $ — $ 14 Equity instruments 567 98 — 665 Debt instruments 440 264 127 831 Real Estate — 8 — 8 Fixed insurance contracts — 10 14 24 Total plan assets $ 1,020 $ 381 $ 141 $ 1,542 ____________________________________ (1) Level 2 assets represent the net asset value of the underlying assets held by the investment fund. The assets are valued by the fund administrator. (2) Level 3 assets consist of insurance rights and equity and debt instruments pooled in an actively invested collective profit sharing arrangement with other third-party employers. The assets are valued using non-observable inputs by the plan administrator. |
Disclosure of defined benefit plans and significant assumptions | The significant actuarial assumptions adopted are as follows: Defined benefit plan Discount rate 1.7% to 3.9% Rate of compensation increase 1.7% to 2.6% Post-retirement plan Discount rate 3.9% to 5.6% Health care cost trend on covered charges: Immediate trend rate 4.0% to 8.0% Ultimate trend rate 4.0% to 6.1% |
Disclosure of sensitivity analysis for actuarial assumptions | The following table presents a sensitivity analysis of each assumption with the related impact on these liabilities as at December 31, 2018 : (US$ MILLIONS) Percentage increase Impact on liability Percentage decrease Impact on liability Defined benefit pension plan Discount rate 0.25% to 1% $ (138 ) 0.25% to 1% $ 151 Rate of compensation increase 0.25% to 0.66% 14 0.25% to 0.66% (15 ) Post-retirement plan Discount rate 0.25% to 1% $ (3 ) 0.25% to 1% $ 3 Health care cost trend rates 0.5% to 1% 1 0.5% to 1% (1 ) |
Disclosure of future planned benefit payments under post-employment benefit plans | The following table summarizes future planned benefit payments under our defined benefit and post-retirement plans as at December 31, 2018 : (US$ MILLIONS) Defined benefit pension plan Post-retirement plan 2019 $ 79 $ 5 2020 83 5 2021 90 5 2022 92 5 2023 95 5 Thereafter 520 22 Total $ 959 $ 47 |
NATURE AND DESCRIPTION OF THE_2
NATURE AND DESCRIPTION OF THE PARTNERSHIP (Details) | Oct. 26, 2017 | Sep. 26, 2017 | Sep. 25, 2017 | Jun. 20, 2016USD ($)credit_facilitysubsidiaryshares | Jun. 19, 2016USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Oct. 31, 2017USD ($)credit_facility | Sep. 30, 2017credit_facility | |
Disclosure of detailed information about borrowings [line items] | |||||||||||
Number of shares issued per 50 predecessor shares | 0.02000000 | ||||||||||
Issue of equity | [1] | $ 621,000,000 | $ 384,000,000 | ||||||||
Number of units issuable per redemption Unit (in units) | shares | 1 | ||||||||||
Preferred shares issued to predecessor, number of subsidiaries | subsidiary | 3 | ||||||||||
Cash dividend as a percentage of redemption value | 5.00% | ||||||||||
Term of borrowings | 5 years 11 months 5 days | 5 years 7 months 6 days | |||||||||
Management fee, percent | 1.25% | ||||||||||
Management fee, quarterly percent | 0.3125% | ||||||||||
Incentive distribution, unit price percentage increase | 20.00% | ||||||||||
Brookfield Credit Agreements | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Number of credit facilities | credit_facility | 2 | 1 | 2 | ||||||||
Term of borrowings | 3 years | ||||||||||
Credit facility, maximum borrowing capacity | $ 500,000,000 | $ 500,000,000 | |||||||||
Holding LP | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Proportion of ownership interest in subsidiary | 52.00% | ||||||||||
Brookfield Asset Management Inc | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Subsidiary proceeds from predecessor | $ 250,000,000 | ||||||||||
Limited Partners | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Proportion of units received by shareholders | 45.00% | 55.00% | |||||||||
Issue of equity | [1] | $ 421,000,000 | $ 192,000,000 | ||||||||
Brookfield Asset Management Inc. | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Proportion of units received by shareholders | 100.00% | ||||||||||
Proportion of ownership interest in subsidiary | 68.00% | 69.00% | 75.00% | 79.00% | 68.00% | ||||||
Brookfield Asset Management Inc. | Issued on spin-off | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Issue of equity | $ 250,000,000 | ||||||||||
Brookfield Asset Management Inc. | Preferred shares | Issued on spin-off | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Issue of equity | $ 15,000,000 | ||||||||||
[1] | See Note 19 for additional information on distributions as it relates to the Special Limited Partners and for additional information on the unit issuance. |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) | Jan. 01, 2018 | Jun. 20, 2016 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2019 |
Disclosure of operating segments [line items] | |||||||
Reduction in cash flows from (used in) operating activities | $ (1,341,000,000) | $ 70,000,000 | $ (229,000,000) | ||||
Increase in cash from (used in) financing activities | $ 3,561,000,000 | 1,713,000,000 | $ 586,000,000 | ||||
Number of units issuable per redemption Unit (in units) | 1 | ||||||
Renewable transport fuel obligation certificates, offsetting carryforward percentage | 25.00% | ||||||
Reclassifications | $ 0 | ||||||
Increase in assets | $ 27,318,000,000 | 15,804,000,000 | |||||
Increase in liabilities | 20,824,000,000 | 9,740,000,000 | |||||
Trade and other receivables | 5,160,000,000 | 4,362,000,000 | |||||
Fair value through profit or loss | |||||||
Disclosure of operating segments [line items] | |||||||
Reclassifications | 211,000,000 | ||||||
Fair value through profit or loss | Secured Debentures and Contractual Rights | |||||||
Disclosure of operating segments [line items] | |||||||
Reclassifications | 187,000,000 | ||||||
Fair value through profit or loss | Equity investments | |||||||
Disclosure of operating segments [line items] | |||||||
Reclassifications | 24,000,000 | ||||||
IFRS 9 | Fair value through profit or loss | Secured Debentures and Contractual Rights | |||||||
Disclosure of operating segments [line items] | |||||||
Reclassification adjustments on available-for-sale financial assets, net of tax | 3,000,000 | ||||||
IFRS 9 | Fair value through profit or loss | Equity investments | |||||||
Disclosure of operating segments [line items] | |||||||
Reclassification adjustments on available-for-sale financial assets, net of tax | 3,000,000 | ||||||
IFRS 15 | |||||||
Disclosure of operating segments [line items] | |||||||
Increase in assets | 15,660,000,000 | ||||||
Increase in liabilities | 9,861,000,000 | ||||||
Decrease in retained earnings | 260,000,000 | ||||||
IFRS 9 | |||||||
Disclosure of operating segments [line items] | |||||||
Decrease in retained earnings | 0 | ||||||
IFRS 16 | Adoption of New Accounting Standard | Bottom of range | |||||||
Disclosure of operating segments [line items] | |||||||
Increase in assets | $ 880,000,000 | ||||||
Increase in liabilities | 880,000,000 | ||||||
IFRS 16 | Adoption of New Accounting Standard | Top of range | |||||||
Disclosure of operating segments [line items] | |||||||
Increase in assets | 1,080,000,000 | ||||||
Increase in liabilities | $ 1,080,000,000 | ||||||
IFRS 15 | |||||||
Disclosure of operating segments [line items] | |||||||
Decrease in retained earnings | 260,000,000 | ||||||
Increase (decrease) due to corrections of prior period errors | |||||||
Disclosure of operating segments [line items] | |||||||
Reduction in cash flows from (used in) operating activities | 360,000,000 | ||||||
Increase in cash from (used in) financing activities | 360,000,000 | ||||||
Increase (decrease) due to application of IFRS 15 | |||||||
Disclosure of operating segments [line items] | |||||||
Increase in assets | (144,000,000) | ||||||
Increase in liabilities | 121,000,000 | ||||||
Trade and other receivables | (125,000,000) | ||||||
Trade and other payables | $ 121,000,000 | ||||||
Industrial operations | |||||||
Disclosure of operating segments [line items] | |||||||
Remaining performance obligation, expected timing of satisfaction period | 25 years | ||||||
Increase in assets | $ 7,650,000,000 | 7,204,000,000 | |||||
Industrial operations | Mining | Bottom of range | |||||||
Disclosure of operating segments [line items] | |||||||
Revenue recognition, settlement period | 30 days | ||||||
Industrial operations | Mining | Top of range | |||||||
Disclosure of operating segments [line items] | |||||||
Revenue recognition, settlement period | 150 days | ||||||
Business services | |||||||
Disclosure of operating segments [line items] | |||||||
Increase in assets | $ 7,613,000,000 | $ 7,899,000,000 | |||||
Business services | Construction Services | |||||||
Disclosure of operating segments [line items] | |||||||
Remaining performance obligation, expected timing of satisfaction period | 2 years |
SIGNIFICANT ACCOUNTING POLICI_5
SIGNIFICANT ACCOUNTING POLICIES - Schedule of Subsidiary Interests (Details) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Business services | BFIN | ||
Disclosure of subsidiaries [line items] | ||
Voting interest (%) | 100.00% | 100.00% |
Economic interest (%) | 100.00% | 100.00% |
Business services | Brookfield RPS Limited | ||
Disclosure of subsidiaries [line items] | ||
Voting interest (%) | 100.00% | 100.00% |
Economic interest (%) | 100.00% | 100.00% |
Business services | Multiplex | ||
Disclosure of subsidiaries [line items] | ||
Voting interest (%) | 100.00% | 100.00% |
Economic interest (%) | 100.00% | 100.00% |
Business services | Crossbridge Condominium Services Ltd. | ||
Disclosure of subsidiaries [line items] | ||
Voting interest (%) | 90.00% | 90.00% |
Economic interest (%) | 90.00% | 90.00% |
Business services | WatServ | ||
Disclosure of subsidiaries [line items] | ||
Voting interest (%) | 75.00% | 75.00% |
Economic interest (%) | 75.00% | 75.00% |
Business services | BG Fuels | ||
Disclosure of subsidiaries [line items] | ||
Voting interest (%) | 100.00% | 100.00% |
Economic interest (%) | 26.00% | 26.00% |
Business services | BGIS Global Integrated Solutions | ||
Disclosure of subsidiaries [line items] | ||
Voting interest (%) | 100.00% | 100.00% |
Economic interest (%) | 26.00% | 26.00% |
Business services | Nova Cold Logistics | ||
Disclosure of subsidiaries [line items] | ||
Voting interest (%) | 100.00% | 100.00% |
Economic interest (%) | 25.00% | 25.00% |
Business services | Greenergy Fuels Holding Limited | ||
Disclosure of subsidiaries [line items] | ||
Voting interest (%) | 85.00% | 85.00% |
Economic interest (%) | 14.00% | 14.00% |
Business services | Imagine Communications Group Limited | ||
Disclosure of subsidiaries [line items] | ||
Voting interest (%) | 55.00% | 0.00% |
Economic interest (%) | 31.00% | 0.00% |
Infrastructure services | Westinghouse Electric Company | ||
Disclosure of subsidiaries [line items] | ||
Voting interest (%) | 100.00% | 0.00% |
Economic interest (%) | 44.00% | 0.00% |
Infrastructure services | Teekay Offshore Partners L.P. | ||
Disclosure of subsidiaries [line items] | ||
Voting interest (%) | 51.00% | 0.00% |
Economic interest (%) | 25.00% | 0.00% |
Industrial operations | Hammerstone Corporation | ||
Disclosure of subsidiaries [line items] | ||
Voting interest (%) | 100.00% | 100.00% |
Economic interest (%) | 39.00% | 39.00% |
Industrial operations | GrafTech International Ltd. | ||
Disclosure of subsidiaries [line items] | ||
Voting interest (%) | 79.00% | 100.00% |
Economic interest (%) | 27.00% | 34.00% |
Industrial operations | BRK Ambiental | ||
Disclosure of subsidiaries [line items] | ||
Voting interest (%) | 70.00% | 70.00% |
Economic interest (%) | 26.00% | 26.00% |
Industrial operations | AP Infrastructure Solutions LP | ||
Disclosure of subsidiaries [line items] | ||
Voting interest (%) | 100.00% | 100.00% |
Economic interest (%) | 25.00% | 25.00% |
Industrial operations | North American Palladium Ltd. | ||
Disclosure of subsidiaries [line items] | ||
Voting interest (%) | 91.00% | 92.00% |
Economic interest (%) | 23.00% | 23.00% |
Industrial operations | Ember Resources Inc. | ||
Disclosure of subsidiaries [line items] | ||
Voting interest (%) | 100.00% | 100.00% |
Economic interest (%) | 41.00% | 41.00% |
Industrial operations | Schoeller Allibert Group BV | ||
Disclosure of subsidiaries [line items] | ||
Voting interest (%) | 52.00% | 0.00% |
Economic interest (%) | 14.00% | 0.00% |
Industrial operations | CWC Energy Services Corp | ||
Disclosure of subsidiaries [line items] | ||
Voting interest (%) | 78.00% | 78.00% |
Economic interest (%) | 56.00% | 56.00% |
SIGNIFICANT ACCOUNTING POLICI_6
SIGNIFICANT ACCOUNTING POLICIES - Schedule of Property, Plant and Equipment (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Buildings | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life | 50 years |
Leasehold improvements | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life | 40 years |
Machinery and equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life | 20 years |
Oil and gas related equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life | 10 years |
Vessels | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life | 35 years |
SIGNIFICANT ACCOUNTING POLICI_7
SIGNIFICANT ACCOUNTING POLICIES - Schedule of Intangible Assets (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Water and sewage concession agreements | Top of range | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible asset amortization periods | 40 years |
Brand names | Top of range | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible asset amortization periods | 20 years |
Computer software | Top of range | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible asset amortization periods | 10 years |
Customer relationships | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible asset amortization periods | 25 years |
Customer relationships | Top of range | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible asset amortization periods | 30 years |
Patents and trademarks | Top of range | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible asset amortization periods | 40 years |
Proprietary technology | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible asset amortization periods | 15 years |
Proprietary technology | Top of range | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible asset amortization periods | 15 years |
Product development costs | Top of range | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible asset amortization periods | 5 years |
Distribution networks | Top of range | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible asset amortization periods | 25 years |
Loyalty program | Top of range | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible asset amortization periods | 15 years |
SIGNIFICANT ACCOUNTING POLICI_8
SIGNIFICANT ACCOUNTING POLICIES - Schedule of Impact Upon Adoption of IFRS 9 (Details) $ in Millions | Jan. 01, 2018USD ($) |
Disclosure of financial assets [line items] | |
Opening balance (IAS 39) | $ 6,447 |
Reclassifications | 0 |
Revised opening balance (IFRS 9) | 6,447 |
Fair value through profit or loss | |
Disclosure of financial assets [line items] | |
Opening balance (IAS 39) | 166 |
Reclassifications | 211 |
Revised opening balance (IFRS 9) | 377 |
Elected for hedge accounting | |
Disclosure of financial assets [line items] | |
Opening balance (IAS 39) | 429 |
Reclassifications | (211) |
Revised opening balance (IFRS 9) | 218 |
Amortized Cost | |
Disclosure of financial assets [line items] | |
Opening balance (IAS 39) | 5,852 |
Reclassifications | 0 |
Revised opening balance (IFRS 9) | $ 5,852 |
SIGNIFICANT ACCOUNTING POLICI_9
SIGNIFICANT ACCOUNTING POLICIES - Impact on Adoption of New IFRS Standards, Revenue (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | $ 37,092 |
Revenue as if it were under former revenue standards | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | 36,969 |
IFRS 15 Impact | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | 123 |
Business services | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | 30,814 |
Business services | Revenue as if it were under former revenue standards | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | 30,723 |
Business services | IFRS 15 Impact | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | 91 |
Infrastructure services | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | 2,413 |
Infrastructure services | Revenue as if it were under former revenue standards | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | 2,382 |
Infrastructure services | IFRS 15 Impact | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | 31 |
Industrial operations | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | 3,865 |
Industrial operations | Revenue as if it were under former revenue standards | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | 3,864 |
Industrial operations | IFRS 15 Impact | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | 1 |
Corporate and Other | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | 0 |
Corporate and Other | Revenue as if it were under former revenue standards | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | 0 |
Corporate and Other | IFRS 15 Impact | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | $ 0 |
SIGNIFICANT ACCOUNTING POLIC_10
SIGNIFICANT ACCOUNTING POLICIES - Impact on Adoption of New IFRS Standards, Schedule of Financial Position (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | |||||
Cash and cash equivalents | $ 1,949 | $ 1,106 | $ 1,050 | $ 354 | |
Financial assets | 886 | 361 | |||
Accounts and other receivable, net | 4,307 | 3,454 | |||
Inventory, net | 1,562 | 1,068 | |||
Assets held for sale | 63 | 14 | |||
Other assets | 1,014 | 430 | |||
Current assets | 9,781 | 6,433 | |||
Financial assets | 483 | 423 | |||
Accounts and other receivable, net | 853 | 908 | |||
Other assets | 499 | 79 | |||
Property, plant and equipment | 6,947 | 2,530 | |||
Deferred income tax assets | 280 | 174 | |||
Intangible assets | 5,523 | 3,094 | |||
Equity accounted investments | 541 | 609 | 166 | ||
Goodwill | 2,411 | 1,554 | |||
Total assets | 27,318 | 15,804 | |||
Liabilities | |||||
Accounts payable and other | 7,188 | 4,865 | |||
Liabilities associated with assets held for sale | 9 | 0 | |||
Current liabilities | 9,016 | 5,690 | |||
Accounts payable and other | 1,894 | 773 | |||
Non-recourse subsidiary borrowings | 9,047 | 2,440 | |||
Deferred income tax liabilities | 867 | 837 | |||
Total liabilities | 20,824 | 9,740 | |||
Equity | |||||
Limited partners | 1,548 | 1,585 | |||
Non-controlling interests attributable to: | |||||
Redemption-Exchange Units, Preferred Shares and Special Limited Partnership Units held by Brookfield Asset Management Inc. | 1,415 | 1,453 | |||
Interest of others in operating subsidiaries | 3,531 | 3,026 | |||
Total equity | 6,494 | $ 5,789 | 6,064 | $ 4,038 | $ 3,084 |
Total liabilities and equity | $ 27,318 | 15,804 | |||
IFRS 15 | |||||
Assets | |||||
Cash and cash equivalents | 1,106 | ||||
Financial assets | 361 | ||||
Accounts and other receivable, net | 3,356 | ||||
Inventory, net | 1,072 | ||||
Assets held for sale | 14 | ||||
Other assets | 370 | ||||
Current assets | 6,279 | ||||
Financial assets | 423 | ||||
Accounts and other receivable, net | 881 | ||||
Other assets | 80 | ||||
Property, plant and equipment | 2,530 | ||||
Deferred income tax assets | 216 | ||||
Intangible assets | 3,094 | ||||
Equity accounted investments | 603 | ||||
Goodwill | 1,554 | ||||
Total assets | 15,660 | ||||
Liabilities | |||||
Accounts payable and other | 4,991 | ||||
Liabilities associated with assets held for sale | 0 | ||||
Non-recourse subsidiary borrowings | 825 | ||||
Current liabilities | 5,816 | ||||
Accounts payable and other | 768 | ||||
Non-recourse subsidiary borrowings | 2,440 | ||||
Deferred income tax liabilities | 837 | ||||
Total liabilities | 9,861 | ||||
Equity | |||||
Limited partners | 1,453 | ||||
Non-controlling interests attributable to: | |||||
Redemption-Exchange Units, Preferred Shares and Special Limited Partnership Units held by Brookfield Asset Management Inc. | 1,325 | ||||
Interest of others in operating subsidiaries | 3,021 | ||||
Total equity | 5,799 | ||||
Total liabilities and equity | 15,660 | ||||
Previously stated | |||||
Assets | |||||
Cash and cash equivalents | 1,106 | ||||
Financial assets | 361 | ||||
Accounts and other receivable, net | 3,454 | ||||
Inventory, net | 1,068 | ||||
Assets held for sale | 14 | ||||
Other assets | 430 | ||||
Current assets | 6,433 | ||||
Financial assets | 423 | ||||
Accounts and other receivable, net | 908 | ||||
Other assets | 79 | ||||
Property, plant and equipment | 2,530 | ||||
Deferred income tax assets | 174 | ||||
Intangible assets | 3,094 | ||||
Equity accounted investments | 609 | ||||
Goodwill | 1,554 | ||||
Total assets | 15,804 | ||||
Liabilities | |||||
Accounts payable and other | 4,865 | ||||
Liabilities associated with assets held for sale | 0 | ||||
Non-recourse subsidiary borrowings | 825 | ||||
Current liabilities | 5,690 | ||||
Accounts payable and other | 773 | ||||
Non-recourse subsidiary borrowings | 2,440 | ||||
Deferred income tax liabilities | 837 | ||||
Total liabilities | 9,740 | ||||
Equity | |||||
Limited partners | 1,585 | ||||
Non-controlling interests attributable to: | |||||
Redemption-Exchange Units, Preferred Shares and Special Limited Partnership Units held by Brookfield Asset Management Inc. | 1,453 | ||||
Interest of others in operating subsidiaries | 3,026 | ||||
Total equity | 6,064 | ||||
Total liabilities and equity | 15,804 | ||||
Increase (decrease) due to application of IFRS 15 | |||||
Assets | |||||
Cash and cash equivalents | 0 | ||||
Financial assets | 0 | ||||
Accounts and other receivable, net | (98) | ||||
Inventory, net | 4 | ||||
Assets held for sale | 0 | ||||
Other assets | (60) | ||||
Current assets | (154) | ||||
Financial assets | 0 | ||||
Accounts and other receivable, net | (27) | ||||
Other assets | 1 | ||||
Property, plant and equipment | 0 | ||||
Deferred income tax assets | 42 | ||||
Intangible assets | 0 | ||||
Equity accounted investments | (6) | ||||
Goodwill | 0 | ||||
Total assets | (144) | ||||
Liabilities | |||||
Accounts payable and other | 126 | ||||
Liabilities associated with assets held for sale | 0 | ||||
Non-recourse subsidiary borrowings | 0 | ||||
Current liabilities | 126 | ||||
Accounts payable and other | (5) | ||||
Non-recourse subsidiary borrowings | 0 | ||||
Deferred income tax liabilities | 0 | ||||
Total liabilities | 121 | ||||
Equity | |||||
Limited partners | (132) | ||||
Non-controlling interests attributable to: | |||||
Redemption-Exchange Units, Preferred Shares and Special Limited Partnership Units held by Brookfield Asset Management Inc. | (128) | ||||
Interest of others in operating subsidiaries | (5) | ||||
Total equity | (265) | ||||
Total liabilities and equity | $ (144) |
ACQUISITION OF BUSINESSES - Sch
ACQUISITION OF BUSINESSES - Schedule of Current Year Acquisitions (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about business combination [line items] | ||
Goodwill | $ 2,411 | $ 1,554 |
Borrowings | (7,601) | |
Business services | ||
Disclosure of detailed information about business combination [line items] | ||
Goodwill | 1,306 | 1,368 |
Infrastructure services | ||
Disclosure of detailed information about business combination [line items] | ||
Goodwill | 760 | 0 |
Industrial operations | ||
Disclosure of detailed information about business combination [line items] | ||
Goodwill | 345 | 186 |
Various acquisitions | ||
Disclosure of detailed information about business combination [line items] | ||
Cash | 1,756 | 593 |
Contingent consideration | 275 | 13 |
Total Consideration | 2,031 | 606 |
Cash and cash equivalents | 658 | 335 |
Accounts and other receivable, net | 922 | 2,226 |
Inventory, net | 686 | 700 |
Equity accounted investments | 329 | 212 |
Property, plant and equipment | 4,913 | 503 |
Intangible assets | 2,942 | 2,839 |
Goodwill | 971 | 328 |
Deferred income tax assets | 38 | 59 |
Financial assets | 319 | 106 |
Other assets | 1,026 | 65 |
Accounts payable and other | (3,654) | (2,112) |
Borrowings | (3,668) | (1,678) |
Deferred income tax liabilities | (157) | (789) |
Net assets acquired before non-controlling interest | 5,325 | 2,787 |
Non-controlling interest | (3,294) | (2,181) |
Net Assets Acquired | 2,031 | 606 |
Various acquisitions | Business services | ||
Disclosure of detailed information about business combination [line items] | ||
Cash | 25 | 198 |
Contingent consideration | 0 | 13 |
Total Consideration | 25 | 211 |
Cash and cash equivalents | 36 | 39 |
Accounts and other receivable, net | 11 | 1,248 |
Inventory, net | 2 | 690 |
Equity accounted investments | 0 | 122 |
Property, plant and equipment | 57 | 264 |
Intangible assets | 28 | 403 |
Goodwill | 31 | 325 |
Deferred income tax assets | 0 | 9 |
Financial assets | 0 | 106 |
Other assets | 0 | 0 |
Accounts payable and other | (24) | (1,885) |
Borrowings | (50) | (210) |
Deferred income tax liabilities | (2) | (58) |
Net assets acquired before non-controlling interest | 89 | 1,053 |
Non-controlling interest | (64) | (842) |
Net Assets Acquired | 25 | 211 |
Various acquisitions | Infrastructure services | ||
Disclosure of detailed information about business combination [line items] | ||
Cash | 1,686 | |
Contingent consideration | 275 | |
Total Consideration | 1,961 | |
Cash and cash equivalents | 592 | |
Accounts and other receivable, net | 836 | |
Inventory, net | 626 | |
Equity accounted investments | 328 | |
Property, plant and equipment | 4,669 | |
Intangible assets | 2,683 | |
Goodwill | 760 | |
Deferred income tax assets | 11 | |
Financial assets | 317 | |
Other assets | 1,026 | |
Accounts payable and other | (3,431) | |
Borrowings | (3,352) | |
Deferred income tax liabilities | (83) | |
Net assets acquired before non-controlling interest | 4,982 | |
Non-controlling interest | (3,021) | |
Net Assets Acquired | 1,961 | |
Various acquisitions | Industrial operations | ||
Disclosure of detailed information about business combination [line items] | ||
Cash | 45 | 395 |
Contingent consideration | 0 | 0 |
Total Consideration | 45 | 395 |
Cash and cash equivalents | 30 | 296 |
Accounts and other receivable, net | 75 | 978 |
Inventory, net | 58 | 10 |
Equity accounted investments | 1 | 90 |
Property, plant and equipment | 187 | 239 |
Intangible assets | 231 | 2,436 |
Goodwill | 180 | 3 |
Deferred income tax assets | 27 | 50 |
Financial assets | 2 | 0 |
Other assets | 0 | 65 |
Accounts payable and other | (199) | (227) |
Borrowings | (266) | (1,468) |
Deferred income tax liabilities | (72) | (731) |
Net assets acquired before non-controlling interest | 254 | 1,734 |
Non-controlling interest | (209) | (1,339) |
Net Assets Acquired | $ 45 | $ 395 |
ACQUISITION OF BUSINESSES - Bus
ACQUISITION OF BUSINESSES - Business Services, Facilities Management (Details) - USD ($) $ in Millions | Feb. 01, 2018 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about business combination [line items] | |||
Goodwill | $ 2,411 | $ 1,554 | |
Business services | |||
Disclosure of detailed information about business combination [line items] | |||
Goodwill | 1,306 | $ 1,368 | |
Business services | Facilities Management Business | |||
Disclosure of detailed information about business combination [line items] | |||
Percentage of voting equity interests acquired | 85.00% | ||
Consideration transferred, acquisition-date fair value | $ 4 | ||
Proportion of ownership interest in subsidiary | 22.00% | ||
Acquisition-related costs (less than) | $ 1 | ||
Goodwill | $ 8 | ||
Revenue of acquiree since acquisition date | 1 | ||
Profit (loss) of acquiree since acquisition date | 1 | ||
Revenue of acquiree as if combination occurred at beginning of period | 2 | ||
Profit (loss) of acquiree as if combination occurred at beginning of period | $ (1) |
ACQUISITION OF BUSINESSES - B_2
ACQUISITION OF BUSINESSES - Business Services, Imagine Communications Group Limited (Imagine) (Details) - USD ($) | Oct. 01, 2018 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about business combination [line items] | |||
Goodwill | $ 2,411,000,000 | $ 1,554,000,000 | |
Business services | |||
Disclosure of detailed information about business combination [line items] | |||
Goodwill | 1,306,000,000 | $ 1,368,000,000 | |
Business services | Imagine Communications Group Limited | |||
Disclosure of detailed information about business combination [line items] | |||
Percentage of voting equity interests acquired | 55.00% | ||
Proportion of ownership interest in subsidiary | 31.00% | ||
Consideration transferred, acquisition-date fair value | $ 10,000,000 | ||
Acquisition-related costs | 2,000,000 | ||
Goodwill | 6,000,000 | ||
Goodwill expected to be deductible for tax purposes | 0 | ||
Intangible assets | $ 23,000,000 | ||
Revenue of acquiree since acquisition date | 1,000,000 | ||
Profit (loss) of acquiree since acquisition date | 2,000,000 | ||
Revenue of acquiree as if combination occurred at beginning of period | 6,000,000 | ||
Profit (loss) of acquiree as if combination occurred at beginning of period | $ (5,000,000) | ||
Brookfield Business Partners L.P. and Institutional Investors | Business services | Imagine Communications Group Limited | |||
Disclosure of detailed information about business combination [line items] | |||
Percentage of voting equity interests acquired | 50.10% |
ACQUISITION OF BUSINESSES - B_3
ACQUISITION OF BUSINESSES - Business Services, Other (Details) $ in Millions | Dec. 01, 2018USD ($)gas_station | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Disclosure of detailed information about business combination [line items] | |||
Goodwill | $ 2,411 | $ 1,554 | |
Business services | |||
Disclosure of detailed information about business combination [line items] | |||
Goodwill | 1,306 | $ 1,368 | |
Business services | Gas Stations And Kiosks In Ontario, Canada | |||
Disclosure of detailed information about business combination [line items] | |||
Number of gas stations and kiosks acquired | gas_station | 22 | ||
Consideration transferred, acquisition-date fair value | $ 8 | ||
Proportion of ownership interest in subsidiary | 26.00% | ||
Percentage of voting equity interests acquired | 100.00% | ||
Acquisition-related costs (less than) | $ 1 | ||
Goodwill | $ 12 | ||
Revenue of acquiree since acquisition date | 2 | ||
Profit (loss) of acquiree since acquisition date | 1 | ||
Revenue of acquiree as if combination occurred at beginning of period | 21 | ||
Profit (loss) of acquiree as if combination occurred at beginning of period | $ 1 |
ACQUISITION OF BUSINESSES - Inf
ACQUISITION OF BUSINESSES - Infrastructure Services, Westinghouse Electric Company (Westinghouse) (Details) - USD ($) | Aug. 01, 2018 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about business combination [line items] | |||
Goodwill | $ 2,411,000,000 | $ 1,554,000,000 | |
Brookfield Business Partners L.P. and Institutional Investors | Westinghouse Electric Company | |||
Disclosure of detailed information about business combination [line items] | |||
Percentage of voting equity interests acquired | 100.00% | ||
Proportion of ownership interest in subsidiary | 44.00% | ||
Consideration transferred, acquisition-date fair value | $ 1,686,000,000 | ||
Acquisition-related costs | 55,000,000 | ||
Goodwill | 213,000,000 | ||
Goodwill expected to be deductible for tax purposes | 0 | ||
Intangible assets | $ 2,684,000,000 | ||
Revenue of acquiree since acquisition date | 743,000,000 | ||
Profit (loss) of acquiree since acquisition date | 37,000,000 | ||
Revenue of acquiree as if combination occurred at beginning of period | 1,715,000,000 | ||
Profit (loss) of acquiree as if combination occurred at beginning of period | $ 105,000,000 |
ACQUISITION OF BUSINESSES - I_2
ACQUISITION OF BUSINESSES - Infrastructure Services, Teekay Offshore Partners L.P. (Teekay Offshore) (Details) | Jul. 03, 2018USD ($) | Jul. 02, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Disclosure of detailed information about business combination [line items] | |||||
Goodwill | $ 2,411,000,000 | $ 2,411,000,000 | $ 1,554,000,000 | ||
Teekay Offshore Partners L.P. (Teekay Offshore) | |||||
Disclosure of detailed information about business combination [line items] | |||||
Consideration transferred, acquisition-date fair value | $ 275,000,000 | ||||
Acquisition-related costs | 0 | ||||
Goodwill | 547,000,000 | ||||
Goodwill expected to be deductible for tax purposes | $ 0 | ||||
Revenue of acquiree since acquisition date | 181,000,000 | ||||
Profit (loss) of acquiree since acquisition date | 46,000,000 | ||||
Revenue of acquiree as if combination occurred at beginning of period | 334,000,000 | ||||
Profit (loss) of acquiree as if combination occurred at beginning of period | 54,000,000 | ||||
Fair value of investment immediately before acquiring control | $ 651,000,000 | ||||
Less: Carrying value of investment immediately before acquisition | $ 447,000,000 | ||||
Add: Amounts recognized in OCI | 2,000,000 | ||||
Remeasurement gain | 206,000,000 | ||||
Gain on extinguishment | 44,000,000 | ||||
Gain (loss) on acquisitions/dispositions, net | 250,000,000 | 250,000,000 | |||
Total gain on acquisition attributable to non-controlling interest | 135,000,000 | 135,000,000 | |||
Total gain on acquisition attributable to the partnership | 115,000,000 | $ 115,000,000 | |||
Teekay Offshore Partners L.P. (Teekay Offshore) | Warrants | |||||
Disclosure of detailed information about business combination [line items] | |||||
Number of instruments or interests issued or issuable | 1,000,000 | ||||
Gain on extinguishment | 26,000,000 | ||||
Teekay Offshore Partners L.P. (Teekay Offshore) | Debt | |||||
Disclosure of detailed information about business combination [line items] | |||||
Gain on extinguishment | $ 18,000,000 | ||||
Teekay Offshore | |||||
Disclosure of detailed information about business combination [line items] | |||||
Economic interest | 60.00% | ||||
Voting interest | 49.00% | ||||
Teekay Offshore | Teekay Offshore Partners L.P. (Teekay Offshore) | |||||
Disclosure of detailed information about business combination [line items] | |||||
Percentage of voting equity interests acquired | 2.00% | ||||
Brookfield Business Partners L.P. and Institutional Investors | Teekay Offshore Partners L.P. (Teekay Offshore) | Warrants | |||||
Disclosure of detailed information about business combination [line items] | |||||
Number of instruments or interests issued or issuable | 1,000,000 | ||||
Brookfield Business Partners L.P. and Institutional Investors | Teekay Offshore | |||||
Disclosure of detailed information about business combination [line items] | |||||
Economic interest | 60.00% | ||||
Voting interest | 49.00% | ||||
Brookfield Business Partners L.P. and Institutional Investors | Teekay Offshore | Teekay Offshore Partners L.P. (Teekay Offshore) | |||||
Disclosure of detailed information about business combination [line items] | |||||
Economic interest | 60.00% | ||||
Voting interest | 51.00% | ||||
Percentage of voting equity interests acquired | 2.00% |
ACQUISITION OF BUSINESSES - Ind
ACQUISITION OF BUSINESSES - Industrial Operations, Schoeller Allibert Group B.V. (Schoeller Allibert) (Details) - USD ($) | May 15, 2018 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about business combination [line items] | |||
Goodwill | $ 2,411,000,000 | $ 1,554,000,000 | |
Industrial operations | |||
Disclosure of detailed information about business combination [line items] | |||
Goodwill | 345,000,000 | $ 186,000,000 | |
Industrial operations | Schoeller Allibert | |||
Disclosure of detailed information about business combination [line items] | |||
Proportion of ownership interest in subsidiary | 14.00% | ||
Consideration transferred, acquisition-date fair value | $ 45,000,000 | ||
Percentage of voting equity interests acquired | 52.00% | ||
Acquisition-related costs | $ 9,000,000 | ||
Goodwill | 180,000,000 | ||
Goodwill expected to be deductible for tax purposes | 0 | ||
Intangible assets | $ 231,000,000 | ||
Revenue of acquiree since acquisition date | 56,000,000 | ||
Profit (loss) of acquiree since acquisition date | 3,000,000 | ||
Revenue of acquiree as if combination occurred at beginning of period | 86,000,000 | ||
Profit (loss) of acquiree as if combination occurred at beginning of period | $ (4,000,000) | ||
Brookfield Business Partners L.P. and Institutional Investors | Industrial operations | Schoeller Allibert | |||
Disclosure of detailed information about business combination [line items] | |||
Proportion of ownership interest in subsidiary | 70.00% |
ACQUISITION OF BUSINESSES - S_2
ACQUISITION OF BUSINESSES - Schedule of Prior Year Acquisitions (Details) - USD ($) $ in Millions | 8 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2018 | Apr. 25, 2017 | |
Disclosure of detailed information about business combination [line items] | |||
Goodwill | $ 1,554 | $ 2,411 | |
Borrowings | (7,601) | ||
Business services | |||
Disclosure of detailed information about business combination [line items] | |||
Goodwill | 1,368 | 1,306 | |
Industrial operations | |||
Disclosure of detailed information about business combination [line items] | |||
Goodwill | 186 | 345 | |
Various acquisitions | |||
Disclosure of detailed information about business combination [line items] | |||
Cash | 593 | 1,756 | |
Contingent consideration | 13 | 275 | |
Total Consideration | 606 | 2,031 | |
Cash and cash equivalents | 335 | 658 | |
Accounts and other receivable, net | 2,226 | 922 | |
Inventory, net | 700 | 686 | |
Equity accounted investments | 212 | 329 | |
Property, plant and equipment | 503 | 4,913 | |
Intangible assets | 2,839 | 2,942 | |
Goodwill | 328 | 971 | |
Deferred income tax assets | 59 | 38 | |
Financial assets | 106 | 319 | |
Other assets | 65 | 1,026 | |
Gain Recognised As Of Acquisition Date | (7) | ||
Accounts payable and other | (2,112) | (3,654) | |
Borrowings | (1,678) | (3,668) | |
Deferred income tax liabilities | (789) | (157) | |
Net assets acquired before non-controlling interest | 2,787 | 5,325 | |
Non-controlling interest | (2,181) | (3,294) | |
Net Assets Acquired | 606 | 2,031 | |
Various acquisitions | Business services | |||
Disclosure of detailed information about business combination [line items] | |||
Cash | 198 | 25 | |
Contingent consideration | 13 | 0 | |
Total Consideration | 211 | 25 | |
Cash and cash equivalents | 39 | 36 | |
Accounts and other receivable, net | 1,248 | 11 | |
Inventory, net | 690 | 2 | |
Equity accounted investments | 122 | 0 | |
Property, plant and equipment | 264 | 57 | |
Intangible assets | 403 | 28 | |
Goodwill | 325 | 31 | |
Deferred income tax assets | 9 | 0 | |
Financial assets | 106 | 0 | |
Other assets | 0 | 0 | |
Gain Recognised As Of Acquisition Date | 0 | ||
Accounts payable and other | (1,885) | (24) | |
Borrowings | (210) | (50) | |
Deferred income tax liabilities | (58) | (2) | |
Net assets acquired before non-controlling interest | 1,053 | 89 | |
Non-controlling interest | (842) | (64) | |
Net Assets Acquired | 211 | 25 | |
Various acquisitions | Industrial operations | |||
Disclosure of detailed information about business combination [line items] | |||
Cash | 395 | 45 | |
Contingent consideration | 0 | 0 | |
Total Consideration | 395 | 45 | |
Cash and cash equivalents | 296 | 30 | |
Accounts and other receivable, net | 978 | 75 | |
Inventory, net | 10 | 58 | |
Equity accounted investments | 90 | 1 | |
Property, plant and equipment | 239 | 187 | |
Intangible assets | 2,436 | 231 | |
Goodwill | 3 | 180 | |
Deferred income tax assets | 50 | 27 | |
Financial assets | 0 | 2 | |
Other assets | 65 | 0 | |
Gain Recognised As Of Acquisition Date | (7) | ||
Accounts payable and other | (227) | (199) | |
Borrowings | (1,468) | (266) | |
Deferred income tax liabilities | (731) | (72) | |
Net assets acquired before non-controlling interest | 1,734 | 254 | |
Non-controlling interest | (1,339) | (209) | |
Net Assets Acquired | 395 | $ 45 | |
BRK Ambiental | Industrial operations | |||
Disclosure of detailed information about business combination [line items] | |||
Goodwill | $ 3 | ||
Measurement period adjustments recognized, goodwill | $ 14 |
ACQUISITION OF BUSINESSES - B_4
ACQUISITION OF BUSINESSES - Business Services, Fuel Holdings Ltd. (Greenergy) (Details) | Jul. 17, 2017USD ($) | May 10, 2017USD ($) | Oct. 31, 2017USD ($)acquisition | Dec. 31, 2017USD ($)acquisition | Dec. 31, 2018USD ($) |
Disclosure of detailed information about business combination [line items] | |||||
Gains (losses) on hedging instrument, fair value hedges | $ 3,000,000 | $ 12,000,000 | |||
Goodwill | $ 1,554,000,000 | $ 2,411,000,000 | |||
Inver Energy And Canadian Operators Petroleum [Member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Acquisition-related costs | $ 1,000,000 | ||||
Canadian Operators Petroleum | |||||
Disclosure of detailed information about business combination [line items] | |||||
Percentage of voting equity interests acquired | 85.00% | ||||
Proportion of ownership interest in subsidiary | 14.00% | ||||
Business services | |||||
Disclosure of detailed information about business combination [line items] | |||||
Goodwill | 1,368,000,000 | $ 1,306,000,000 | |||
Business services | Greenergy Fuels Holding Limited | |||||
Disclosure of detailed information about business combination [line items] | |||||
Percentage of voting equity interests acquired | 85.00% | ||||
Proportion of ownership interest in subsidiary | 14.00% | ||||
Consideration transferred, acquisition-date fair value | $ 79,000,000 | ||||
Contingent consideration, EBITDA target period | 5 years | ||||
Contingent consideration arrangements and indemnification assets recognised as of acquisition date | $ 11,000,000 | ||||
Acquisition-related costs | 7,000,000 | ||||
Goodwill | 93,000,000 | ||||
Goodwill expected to be deductible for tax purposes | 0 | ||||
Revenue of acquiree since acquisition date | 1,917,000,000 | ||||
Profit (loss) of acquiree since acquisition date | 2,000,000 | ||||
Revenue of acquiree as if combination occurred at beginning of period | 2,865,000,000 | ||||
Profit (loss) of acquiree as if combination occurred at beginning of period | 4,000,000 | ||||
Business services | Greenergy Fuels Holding Limited | Bottom of range | |||||
Disclosure of detailed information about business combination [line items] | |||||
Contingent consideration arrangements and indemnification assets recognised as of acquisition date | 6,000,000 | ||||
Business services | Greenergy Fuels Holding Limited | Top of range | |||||
Disclosure of detailed information about business combination [line items] | |||||
Contingent consideration arrangements and indemnification assets recognised as of acquisition date | $ 12,000,000 | ||||
Business services | Inver Energy And Canadian Operators Petroleum [Member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Consideration transferred, acquisition-date fair value | $ 10,000,000 | ||||
Goodwill | 9,000,000 | ||||
Goodwill expected to be deductible for tax purposes | $ 0 | ||||
Revenue of acquiree since acquisition date | 17,000,000 | ||||
Profit (loss) of acquiree since acquisition date | 1,000,000 | ||||
Revenue of acquiree as if combination occurred at beginning of period | 92,000,000 | ||||
Profit (loss) of acquiree as if combination occurred at beginning of period | $ 1,000,000 | ||||
Number of acquisitions | acquisition | 2 | 2 | |||
Business services | Inver Energy | |||||
Disclosure of detailed information about business combination [line items] | |||||
Percentage of voting equity interests acquired | 85.00% | ||||
Proportion of ownership interest in subsidiary | 14.00% | ||||
Business services | Canadian Operators Petroleum | |||||
Disclosure of detailed information about business combination [line items] | |||||
Percentage of voting equity interests acquired | 85.00% |
ACQUISITION OF BUSINESSES - B_5
ACQUISITION OF BUSINESSES - Business Services, Fuel Marketing (Details) $ in Millions | Jul. 17, 2017USD ($)gas_station | May 10, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2018USD ($) |
Disclosure of detailed information about business combination [line items] | ||||
Gains (losses) on hedging instrument, fair value hedges | $ 3 | $ 12 | ||
Goodwill | $ 1,554 | $ 2,411 | ||
Business services | ||||
Disclosure of detailed information about business combination [line items] | ||||
Goodwill | 1,368 | $ 1,306 | ||
Business services | Fuel Marketing Business | ||||
Disclosure of detailed information about business combination [line items] | ||||
Number of gas stations and kiosks acquired | gas_station | 213 | |||
Consideration transferred, acquisition-date fair value | $ 110 | |||
Proportion of ownership interest in subsidiary | 26.00% | |||
Percentage of voting equity interests acquired | 100.00% | |||
Acquisition-related costs | $ 4 | |||
Goodwill | $ 211 | |||
Revenue of acquiree since acquisition date | 161 | |||
Profit (loss) of acquiree since acquisition date | 2 | |||
Revenue of acquiree as if combination occurred at beginning of period | 353 | |||
Profit (loss) of acquiree as if combination occurred at beginning of period | $ 4 |
ACQUISITION OF BUSINESSES - B_6
ACQUISITION OF BUSINESSES - Business Services, Other, Prior Year (Details) - USD ($) | Jun. 19, 2017 | Dec. 31, 2017 | Dec. 31, 2018 |
Disclosure of detailed information about business combination [line items] | |||
Goodwill | $ 1,554,000,000 | $ 2,411,000,000 | |
Business services | |||
Disclosure of detailed information about business combination [line items] | |||
Goodwill | 1,368,000,000 | $ 1,306,000,000 | |
Business services | Real Estate Brokerage Operation | |||
Disclosure of detailed information about business combination [line items] | |||
Consideration transferred, acquisition-date fair value | $ 9,000,000 | ||
Proportion of ownership interest in subsidiary | 100.00% | ||
Percentage of voting equity interests acquired | 100.00% | ||
Acquisition-related costs | $ 1,000,000 | ||
Goodwill | 9,000,000 | ||
Goodwill expected to be deductible for tax purposes | $ 0 | ||
Revenue of acquiree since acquisition date | 2,000,000 | ||
Profit (loss) of acquiree since acquisition date | 1,000,000 | ||
Revenue of acquiree as if combination occurred at beginning of period | 7,000,000 | ||
Profit (loss) of acquiree as if combination occurred at beginning of period | $ 1,000,000 |
ACQUISITION OF BUSINESSES - I_3
ACQUISITION OF BUSINESSES - Industrial Operations - BRK Ambiental (Details) - USD ($) | Apr. 25, 2017 | May 30, 2017 | Dec. 31, 2017 | Dec. 31, 2018 |
Disclosure of detailed information about business combination [line items] | ||||
Goodwill | $ 1,554,000,000 | $ 2,411,000,000 | ||
BRK Ambiental | ||||
Disclosure of detailed information about business combination [line items] | ||||
Proportion of ownership interest in associate | 12.50% | |||
Industrial operations | ||||
Disclosure of detailed information about business combination [line items] | ||||
Goodwill | 186,000,000 | $ 345,000,000 | ||
Industrial operations | BRK Ambiental | ||||
Disclosure of detailed information about business combination [line items] | ||||
Proportion of ownership interest in subsidiary | 27.00% | |||
Gain (loss) recognised as result of remeasuring to fair value equity interest in acquiree held by acquirer before business combination | $ 0 | |||
Restricted cash and cash equivalents | 35,000,000 | |||
Restricted Cash And Cash Equivalents, Release Period | 5 years | |||
Acquisition-related costs | $ 11,000,000 | |||
Goodwill | 3,000,000 | |||
Goodwill expected to be deductible for tax purposes | $ 0 | |||
Revenue of acquiree since acquisition date | 132,000,000 | |||
Profit (loss) of acquiree since acquisition date | 5,000,000 | |||
Revenue of acquiree as if combination occurred at beginning of period | 199,000,000 | |||
Profit (loss) of acquiree as if combination occurred at beginning of period | $ 17,000,000 | |||
Industrial operations | BRK Ambiental - Ativos Maduros S.A. | ||||
Disclosure of detailed information about business combination [line items] | ||||
Percentage of voting equity interests acquired | 87.50% | |||
Industrial operations | Brookfield Business Partners L.P. and Institutional Investors | BRK Ambiental | ||||
Disclosure of detailed information about business combination [line items] | ||||
Proportion of ownership interest in subsidiary | 70.00% |
ACQUISITION OF BUSINESSES - I_4
ACQUISITION OF BUSINESSES - Industrial Operations - Other (Details) - Industrial operations - Service and Swabbing Rig Assets Bundle - USD ($) $ in Millions | Nov. 05, 2017 | Dec. 31, 2017 |
Disclosure of detailed information about business combination [line items] | ||
Consideration transferred, acquisition-date fair value | $ 12 | |
Proportion of ownership interest in subsidiary | 40.00% | |
Percentage of voting equity interests acquired | 73.00% | |
Gain recognised in bargain purchase transaction | $ 7 | |
Revenue of acquiree since acquisition date | $ 3 | |
Profit (loss) of acquiree since acquisition date | 1 | |
Revenue of acquiree as if combination occurred at beginning of period | 13 | |
Profit (loss) of acquiree as if combination occurred at beginning of period | $ 2 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS - Financial Instrument Classification (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of financial assets [line items] | ||
Financial assets | $ 9,041 | $ 6,447 |
Prepayments | 950 | 314 |
Financial assets pledged as collateral for liabilities or contingent liabilities | 3,509 | |
Provisions and decommissioning liabilities | 4,044 | 1,713 |
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 15,904 | 7,190 |
(Fair Value) | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 311 | 159 |
(Fair Value through OCI) | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 48 | 0 |
Other Liabilities (Amortized Cost) | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 15,545 | 7,031 |
FVTPL | ||
Disclosure of financial assets [line items] | ||
Financial assets | 480 | 166 |
Available for sale securities | ||
Disclosure of financial assets [line items] | ||
Financial assets | 376 | 429 |
Loans and Receivables/ Other Liabilities | ||
Disclosure of financial assets [line items] | ||
Financial assets | 8,185 | 5,852 |
Accounts payable and other | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 5,038 | 3,925 |
Accounts payable and other | (Fair Value) | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 311 | 159 |
Accounts payable and other | (Fair Value through OCI) | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 48 | 0 |
Accounts payable and other | Other Liabilities (Amortized Cost) | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 4,679 | 3,766 |
Borrowings (current and non-current) | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 10,866 | 3,265 |
Borrowings (current and non-current) | (Fair Value) | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Borrowings (current and non-current) | (Fair Value through OCI) | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Borrowings (current and non-current) | Other Liabilities (Amortized Cost) | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 10,866 | 3,265 |
Cash and cash equivalents | ||
Disclosure of financial assets [line items] | ||
Financial assets | 1,949 | 1,106 |
Cash and cash equivalents | FVTPL | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
Cash and cash equivalents | Available for sale securities | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
Cash and cash equivalents | Loans and Receivables/ Other Liabilities | ||
Disclosure of financial assets [line items] | ||
Financial assets | 1,949 | 1,106 |
Accounts receivable, net (current and non-current) | ||
Disclosure of financial assets [line items] | ||
Financial assets | 5,160 | 4,362 |
Accounts receivable, net (current and non-current) | FVTPL | ||
Disclosure of financial assets [line items] | ||
Financial assets | 67 | 50 |
Accounts receivable, net (current and non-current) | Available for sale securities | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
Accounts receivable, net (current and non-current) | Loans and Receivables/ Other Liabilities | ||
Disclosure of financial assets [line items] | ||
Financial assets | 5,093 | 4,312 |
Other assets (current and non-current) | ||
Disclosure of financial assets [line items] | ||
Financial assets | 563 | 195 |
Other assets (current and non-current) | FVTPL | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
Other assets (current and non-current) | Available for sale securities | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
Other assets (current and non-current) | Loans and Receivables/ Other Liabilities | ||
Disclosure of financial assets [line items] | ||
Financial assets | 563 | 195 |
Financial assets (current and non-current) | ||
Disclosure of financial assets [line items] | ||
Financial assets | 1,369 | 784 |
Financial assets (current and non-current) | FVTPL | ||
Disclosure of financial assets [line items] | ||
Financial assets | 413 | 116 |
Financial assets (current and non-current) | Available for sale securities | ||
Disclosure of financial assets [line items] | ||
Financial assets | 376 | 429 |
Financial assets (current and non-current) | Loans and Receivables/ Other Liabilities | ||
Disclosure of financial assets [line items] | ||
Financial assets | $ 580 | $ 239 |
FAIR VALUE OF FINANCIAL INSTR_4
FAIR VALUE OF FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Cash | $ 1,597,000,000 | $ 556,000,000 | |
Cash equivalents | 352,000,000 | 550,000,000 | |
Deposits, classified as cash equivalents | 244,000,000 | 384,000,000 | |
Financial assets | 9,041,000,000 | 6,447,000,000 | |
Financial liabilities | 15,904,000,000 | 7,190,000,000 | |
Gross financial assets subject to offsetting | 0 | 21,000,000 | |
Gross financial liabilities set off against financial assets subject to offsetting | 0 | 21,000,000 | |
Hedges of net investment in foreign operations | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Derivative financial assets | 76,000,000 | 5,000,000 | |
Derivative financial liabilities | 0 | 27,000,000 | |
Hedges of net investment in foreign operations | Financial assets at fair value through other comprehensive income | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Gains (losses) on hedging instrument, fair value hedges | 125,000,000 | (64,000,000) | $ 9,000,000 |
Cash flow hedges | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Derivative financial assets | 17,000,000 | 29,000,000 | |
Derivative financial liabilities | 48,000,000 | 0 | |
Cash flow hedges | Financial assets at fair value through other comprehensive income | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Gains (losses) on hedging instrument, fair value hedges | (56,000,000) | 40,000,000 | 12,000,000 |
Infrastructure services | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial liabilities | 2,638,000,000 | ||
Borrowings (current and non-current) | Industrial operations | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial liabilities | 227,000,000 | ||
Equity investments | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets | 283,000,000 | ||
Accounts receivable, net (current and non-current) | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets | 5,160,000,000 | 4,362,000,000 | |
Accounts receivable, net (current and non-current) | Infrastructure services | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets | 70,000,000 | ||
Warrants | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets, at fair value | (13,000,000) | ||
Warrants | Infrastructure services | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets | 32,000,000 | ||
Level 1 And Level 2 Of Fair Value Hierarchy [Member] | Infrastructure services | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial liabilities, at fair value | 2,611,000,000 | ||
Level 1 | Recurring fair value measurement | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets | 307,000,000 | 222,000,000 | |
Financial liabilities | 13,000,000 | 30,000,000 | |
Level 1 | Borrowings (current and non-current) | Industrial operations | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial liabilities, at fair value | 195,000,000 | ||
Level 1 | Accounts receivable, net (current and non-current) | Infrastructure services | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets, at fair value | 88,000,000 | ||
Level 1 | Warrants | Infrastructure services | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets, at fair value | 43,000,000 | ||
Level 3 | Recurring fair value measurement | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets | 280,000,000 | 257,000,000 | $ 108,000,000 |
Financial liabilities | $ 50,000,000 | $ 64,000,000 |
FAIR VALUE OF FINANCIAL INSTR_5
FAIR VALUE OF FINANCIAL INSTRUMENTS - Fair Value Hierarchy Levels (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial liabilities | $ 15,904 | $ 7,190 | |
Recurring fair value measurement | Level 1 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets | 307 | 222 | |
Financial liabilities | 13 | 30 | |
Recurring fair value measurement | Level 2 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets | 269 | 116 | |
Financial liabilities | 296 | 65 | |
Recurring fair value measurement | Level 3 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets | 280 | 257 | $ 108 |
Financial liabilities | 50 | 64 | |
Recurring fair value measurement | Derivative assets/liabilities | Level 1 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial liabilities | 13 | 30 | |
Recurring fair value measurement | Derivative assets/liabilities | Level 2 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial liabilities | 296 | 65 | |
Recurring fair value measurement | Derivative assets/liabilities | Level 3 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial liabilities | 13 | 0 | |
Recurring fair value measurement | Other financial liabilities | Level 1 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial liabilities | 0 | 0 | |
Recurring fair value measurement | Other financial liabilities | Level 2 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial liabilities | 0 | 0 | |
Recurring fair value measurement | Other financial liabilities | Level 3 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial liabilities | 37 | 64 | |
Recurring fair value measurement | Common shares | Level 1 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets | 266 | 207 | |
Recurring fair value measurement | Common shares | Level 2 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets | 0 | 0 | |
Recurring fair value measurement | Common shares | Level 3 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets | 0 | 0 | |
Recurring fair value measurement | Corporate bonds | Level 1 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets | 0 | 0 | |
Recurring fair value measurement | Corporate bonds | Level 2 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets | 0 | 0 | |
Recurring fair value measurement | Corporate bonds | Level 3 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets | 0 | 0 | |
Recurring fair value measurement | Accounts receivable | Level 1 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets | 0 | 0 | |
Recurring fair value measurement | Accounts receivable | Level 2 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets | 67 | 50 | |
Recurring fair value measurement | Accounts receivable | Level 3 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets | 0 | 0 | |
Recurring fair value measurement | Loans and notes receivable | Level 1 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets | 0 | 0 | |
Recurring fair value measurement | Loans and notes receivable | Level 2 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets | 0 | 0 | |
Recurring fair value measurement | Loans and notes receivable | Level 3 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets | 0 | 1 | |
Recurring fair value measurement | Derivative assets/liabilities | Level 1 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets | 41 | 15 | |
Recurring fair value measurement | Derivative assets/liabilities | Level 2 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets | 202 | 66 | |
Recurring fair value measurement | Derivative assets/liabilities | Level 3 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets | 0 | 34 | |
Recurring fair value measurement | Other financial assets | Level 1 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets | 0 | 0 | |
Recurring fair value measurement | Other financial assets | Level 2 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets | 0 | 0 | |
Recurring fair value measurement | Other financial assets | Level 3 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Financial assets | $ 280 | $ 222 |
FAIR VALUE OF FINANCIAL INSTR_6
FAIR VALUE OF FINANCIAL INSTRUMENTS - Valuation Techniques on Fair Value Measurements (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Line Items] | |||
Financial liabilities | $ 15,904 | $ 7,190 | |
Recurring fair value measurement | Level 2 | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Line Items] | |||
Financial assets | 269 | 116 | |
Financial liabilities | 296 | 65 | |
Recurring fair value measurement | Level 3 | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Line Items] | |||
Financial assets | 280 | 257 | $ 108 |
Financial liabilities | 50 | 64 | |
Recurring fair value measurement | Derivative liabilities | Level 2 | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Line Items] | |||
Financial liabilities | 296 | 65 | |
Recurring fair value measurement | Derivative liabilities | Level 2 | Market approach | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Line Items] | |||
Financial liabilities | 296 | ||
Recurring fair value measurement | Derivative liabilities | Level 3 | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Line Items] | |||
Financial liabilities | 13 | 0 | |
Recurring fair value measurement | Derivative liabilities | Level 3 | Black-Scholes model | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Line Items] | |||
Financial liabilities | 13 | ||
Recurring fair value measurement | Other financial liabilities | Level 2 | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Line Items] | |||
Financial liabilities | 0 | 0 | |
Recurring fair value measurement | Other financial liabilities | Level 3 | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Line Items] | |||
Financial liabilities | 37 | 64 | |
Recurring fair value measurement | Other financial liabilities | Level 3 | Scenario-based expected present value | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Line Items] | |||
Financial liabilities | 31 | ||
Recurring fair value measurement | Other financial liabilities | Level 3 | Multiples analysis | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Line Items] | |||
Financial liabilities | 6 | ||
Recurring fair value measurement | Accounts receivable | Level 2 | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Line Items] | |||
Financial assets | 67 | 50 | |
Recurring fair value measurement | Accounts receivable | Level 2 | Market approach | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Line Items] | |||
Financial assets | 67 | ||
Recurring fair value measurement | Accounts receivable | Level 3 | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Line Items] | |||
Financial assets | 0 | 0 | |
Recurring fair value measurement | Derivative liabilities | Level 2 | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Line Items] | |||
Financial assets | 202 | 66 | |
Recurring fair value measurement | Derivative liabilities | Level 2 | Market approach | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Line Items] | |||
Financial assets | 202 | ||
Recurring fair value measurement | Derivative liabilities | Level 3 | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Line Items] | |||
Financial assets | 0 | $ 34 | |
Recurring fair value measurement | Other financial assets - secured debentures | Level 3 | Discounted cash flows | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Line Items] | |||
Financial assets | 238 | ||
Recurring fair value measurement | Other financial assets - equity instruments designated as measured at FVOCI | Level 3 | Private share trade comparables | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Line Items] | |||
Financial assets | 32 | ||
Recurring fair value measurement | Other financial assets - debt instruments measured at FVTPL | Level 3 | Discounted cash flows | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurements Of Assets And Liabilities [Line Items] | |||
Financial assets | $ 10 |
FAIR VALUE OF FINANCIAL INSTR_7
FAIR VALUE OF FINANCIAL INSTRUMENTS - Change in Balance of Fair Value Assets and Liabilities (Details) - Recurring fair value measurement - Level 3 - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of changes in fair value measurement, assets [abstract] | ||
Balance at beginning of year | $ 257 | $ 108 |
Fair value change recorded in net income | 17 | (18) |
Fair value change recorded in other comprehensive income | (2) | 11 |
Additions | 49 | 164 |
Disposals | (41) | (8) |
Balance at end of period | 280 | 257 |
Other financial assets - equity instruments designated as measured at FVOCI | ||
Reconciliation of changes in fair value measurement, assets [abstract] | ||
Additions | 34 | |
Warrants | ||
Reconciliation of changes in fair value measurement, assets [abstract] | ||
Additions | 39 | |
Other financial assets - secured debentures | ||
Reconciliation of changes in fair value measurement, assets [abstract] | ||
Additions | 49 | 91 |
Other financial assets | ||
Reconciliation of changes in fair value measurement, assets [abstract] | ||
Balance at beginning of year | 222 | |
Balance at end of period | 280 | 222 |
Corporate bonds | ||
Reconciliation of changes in fair value measurement, assets [abstract] | ||
Balance at beginning of year | 0 | |
Balance at end of period | 0 | 0 |
Loans and notes receivable | ||
Reconciliation of changes in fair value measurement, assets [abstract] | ||
Balance at beginning of year | 1 | |
Balance at end of period | $ 0 | $ 1 |
FINANCIAL ASSETS (Details)
FINANCIAL ASSETS (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Current | ||
Marketable securities | $ 265 | $ 207 |
Restricted cash | 376 | 68 |
Derivative contracts | 223 | 75 |
Loans and notes receivable | 22 | 11 |
Total current | 886 | 361 |
Non-current | ||
Marketable securities | 1 | 1 |
Restricted cash | 32 | 11 |
Derivative contracts | 20 | 7 |
Loans and notes receivable | 150 | 150 |
Other financial assets | 280 | 254 |
Total non-current | 483 | 423 |
Gains on disposals of marketable securities | 0 | $ 49 |
Westinghouse Electric Company | ||
Disclosure of financial assets [line items] | ||
Increase (decrease) in financial assets | $ 349 |
ACCOUNTS AND OTHER RECEIVABLE_3
ACCOUNTS AND OTHER RECEIVABLE, NET - Current and Non-current Balances (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Current, net | $ 4,307 | $ 3,454 |
Non-current, net | ||
Accounts receivable | 37 | 0 |
Retainer on customer contracts | 103 | 197 |
Billing rights | 713 | 711 |
Total Non-current, net | 853 | 908 |
Total | $ 5,160 | $ 4,362 |
ACCOUNTS AND OTHER RECEIVABLE_4
ACCOUNTS AND OTHER RECEIVABLE, NET - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of financial assets [line items] | ||
Movement in accounts receivable | $ 795 | |
Accounts Receivable, Current | ||
Disclosure of financial assets [line items] | ||
Retention for contracts in progress | 164 | $ 125 |
Accounts Receivable, Noncurrent | ||
Disclosure of financial assets [line items] | ||
Retention for contracts in progress | $ 93 | $ 111 |
ACCOUNTS AND OTHER RECEIVABLE_5
ACCOUNTS AND OTHER RECEIVABLE, NET - Allowance For Doubtful Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of changes in allowance account for credit losses of financial assets [abstract] | |||
Deduct: bad debt write offs | $ (10) | $ (6) | $ (3) |
Foreign currency translation | (7) | 0 | (1) |
Accounts receivable | |||
Reconciliation of changes in allowance account for credit losses of financial assets [abstract] | |||
Loss allowance - beginning | 40 | 7 | 10 |
Add: increase in allowance | 22 | 39 | 1 |
Loss allowance - ending | $ 45 | $ 40 | $ 7 |
INVENTORY, NET - Carrying Amoun
INVENTORY, NET - Carrying Amount of Inventories (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Current | ||
Raw materials and consumables | $ 605,000,000 | $ 138,000,000 |
Fuel products | 490,000,000 | 612,000,000 |
Work in progress | 258,000,000 | 94,000,000 |
RTFO certificates | 95,000,000 | 193,000,000 |
Finished goods and other | 114,000,000 | 31,000,000 |
Carrying amount of inventories | 1,562,000,000 | 1,068,000,000 |
RTFO certificates held for trading and recorded at fair value | $ 0 | $ 60,000,000 |
INVENTORY, NET - Narrative (Det
INVENTORY, NET - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Inventories [Abstract] | |||
Inventories recognized as expense during the period | $ 21,421 | $ 12,701 | $ 1,017 |
INVENTORY, NET - Inventory Obso
INVENTORY, NET - Inventory Obsolescence Provision (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Inventories [Abstract] | |||
Inventory obsolescence provision - beginning | $ 4 | $ 9 | $ 14 |
Add: increase in provision | 22 | 1 | 1 |
Deduct: inventory obsolescence write off | (7) | (6) | (6) |
Inventory obsolescence provision - ending | $ 19 | $ 4 | $ 9 |
ASSETS HELD FOR SALE - Assets a
ASSETS HELD FOR SALE - Assets and Liabilities Classified as Held for Sale (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | ||
Property, plant and equipment | $ 6,947 | $ 2,530 |
Total assets | 27,318 | 15,804 |
Trade and other current payables | 7,188 | 4,865 |
Liabilities associated with assets held for sale | 20,824 | 9,740 |
Assets and liabilities classified as held for sale | ||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | ||
Accounts and other receivable, net | 28 | 0 |
Inventory | 6 | 0 |
Property, plant and equipment | 29 | 14 |
Total assets | 63 | 14 |
Trade and other current payables | 9 | 0 |
Liabilities associated with assets held for sale | $ 9 | $ 0 |
ASSETS HELD FOR SALE - Narrativ
ASSETS HELD FOR SALE - Narrative (Details) - USD ($) $ in Millions | Nov. 26, 2018 | Apr. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | ||||||
Gain on sale of assets | $ (500) | $ (267) | $ (57) | |||
Proceeds from sale of assets held for sale | 0 | $ 0 | $ 15 | |||
Assets and liabilities classified as held for sale | Business services | Real Estate Brokerage Services | ||||||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | ||||||
Proportion of ownership interest call option by associate in joint venture | 33.00% | |||||
Gain on sale of assets | $ 55 | |||||
Assets and liabilities classified as held for sale | Industrial operations | Infrastructure Support Manufacturing Business | ||||||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | ||||||
Gain on sale of assets | 42 | |||||
Proceeds from sale of assets held for sale | $ 109 | |||||
Disposal groups classified as held for sale | Industrial operations | Australian Energy Operations | ||||||
Disclosure Of Assets And Liabilities Held For Sale [Line Items] | ||||||
Gain on sale of assets | $ 152 |
OTHER ASSETS (Details)
OTHER ASSETS (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Current | ||
Work in progress | $ 506 | $ 195 |
Prepayments and other assets | 508 | 235 |
Total current | 1,014 | 430 |
Non-current | ||
Work in progress | 57 | 0 |
Prepayments and other assets | 442 | 79 |
Total non-current | 499 | $ 79 |
Change in other assets | $ 998 |
NON-WHOLLY OWNED SUBSIDIARIES -
NON-WHOLLY OWNED SUBSIDIARIES - Investments In Material Non-Wholly Owned Subsidiaries (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of subsidiaries [line items] | |||
Current assets | $ 9,781 | $ 6,433 | |
Non-current assets | 17,537 | 9,371 | |
Current liabilities | 9,016 | 5,690 | |
Non-current liabilities | 11,808 | 4,050 | |
Revenues | 37,168 | 22,823 | $ 7,960 |
Profit/(loss) | 1,203 | 215 | (202) |
OCI | (388) | 109 | 133 |
Equity to others ownership interest | 3,531 | 3,026 | |
Business services | |||
Disclosure of subsidiaries [line items] | |||
Revenues | 30,847 | 20,874 | 6,393 |
Infrastructure services | |||
Disclosure of subsidiaries [line items] | |||
Revenues | 2,418 | 3 | 0 |
Industrial operations | |||
Disclosure of subsidiaries [line items] | |||
Revenues | 3,896 | 1,939 | 1,566 |
Subsidiaries with material non-controlling interests | |||
Disclosure of subsidiaries [line items] | |||
Current assets | 7,293 | 3,701 | 1,212 |
Non-current assets | 16,179 | 7,556 | 2,843 |
Current liabilities | 7,074 | 3,678 | 751 |
Non-current liabilities | 11,506 | 3,679 | 1,275 |
Revenues | 32,098 | 17,589 | 2,838 |
Profit/(loss) | 1,157 | 41 | (298) |
OCI | (356) | 52 | 47 |
Profit/(loss) allocated to others ownership interest | 762 | 39 | (191) |
Distributions to others ownership interest | (1,604) | 71 | 18 |
Equity to others ownership interest | 3,383 | 2,814 | 1,329 |
Subsidiaries with material non-controlling interests | Business services | |||
Disclosure of subsidiaries [line items] | |||
Current assets | 2,413 | 2,606 | 437 |
Non-current assets | 1,773 | 1,744 | 494 |
Current liabilities | 3,113 | 2,774 | 402 |
Non-current liabilities | 475 | 948 | 253 |
Revenues | 25,785 | 15,676 | 1,347 |
Profit/(loss) | (20) | 45 | 25 |
OCI | 4 | 11 | 5 |
Profit/(loss) allocated to others ownership interest | (20) | 35 | 15 |
Distributions to others ownership interest | (46) | 46 | 8 |
Equity to others ownership interest | 424 | 476 | 198 |
Subsidiaries with material non-controlling interests | Infrastructure services | |||
Disclosure of subsidiaries [line items] | |||
Current assets | 2,889 | ||
Non-current assets | 8,750 | ||
Current liabilities | 2,921 | ||
Non-current liabilities | 6,208 | ||
Revenues | 2,419 | ||
Profit/(loss) | 282 | ||
OCI | (121) | ||
Profit/(loss) allocated to others ownership interest | 170 | ||
Distributions to others ownership interest | (16) | ||
Equity to others ownership interest | 1,534 | 0 | |
Subsidiaries with material non-controlling interests | Industrial operations | |||
Disclosure of subsidiaries [line items] | |||
Current assets | 1,991 | 1,095 | 775 |
Non-current assets | 5,656 | 5,812 | 2,349 |
Current liabilities | 1,040 | 904 | 349 |
Non-current liabilities | 4,823 | 2,731 | 1,022 |
Revenues | 3,894 | 1,913 | 1,491 |
Profit/(loss) | 895 | (4) | (323) |
OCI | (239) | 41 | 42 |
Profit/(loss) allocated to others ownership interest | 612 | 4 | (206) |
Distributions to others ownership interest | (1,542) | 25 | 10 |
Equity to others ownership interest | $ 1,425 | $ 2,338 | $ 1,131 |
NON-WHOLLY OWNED SUBSIDIARIES_2
NON-WHOLLY OWNED SUBSIDIARIES - Composition of Accumulated NCI (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of subsidiaries [line items] | |||
Non-controlling interest | $ 3,531 | $ 3,026 | |
Subsidiaries with material non-controlling interests | |||
Disclosure of subsidiaries [line items] | |||
Non-controlling interest | 3,383 | 2,814 | $ 1,329 |
Subsidiaries with material non-controlling interests | Business services | |||
Disclosure of subsidiaries [line items] | |||
Non-controlling interest | 424 | 476 | 198 |
Subsidiaries with material non-controlling interests | Infrastructure services | |||
Disclosure of subsidiaries [line items] | |||
Non-controlling interest | 1,534 | 0 | |
Subsidiaries with material non-controlling interests | Industrial operations | |||
Disclosure of subsidiaries [line items] | |||
Non-controlling interest | 1,425 | 2,338 | $ 1,131 |
Individually Immaterial Subsidiaries | |||
Disclosure of subsidiaries [line items] | |||
Non-controlling interest | $ 148 | $ 212 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, Beginning Balance | $ 2,530 | |
Property, plant and equipment, Ending Balance | 6,947 | $ 2,530 |
Future development costs | 331 | 745 |
Gross Carrying Amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, Beginning Balance | 3,425 | 2,849 |
Additions (cash and non-cash) | 500 | 195 |
Disposals (cash and non-cash) | (131) | (275) |
Acquisitions through business combinations | 4,913 | 503 |
Transfers and assets reclassified as held for sale | (38) | (16) |
Net foreign currency exchange differences | (254) | 169 |
Property, plant and equipment, Ending Balance | 8,415 | 3,425 |
Accumulated Depreciation and Impairment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, Beginning Balance | (895) | (753) |
Depreciation/depletion/impairment expense | (720) | (151) |
Disposals (cash and non-cash) | 62 | 52 |
Transfers and assets reclassified as held for sale | 2 | 1 |
Net foreign currency exchange differences | 83 | (44) |
Property, plant and equipment, Ending Balance | (1,468) | (895) |
Land | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, Beginning Balance | 103 | |
Property, plant and equipment, Ending Balance | 127 | 103 |
Land | Gross Carrying Amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, Beginning Balance | 103 | 89 |
Additions (cash and non-cash) | 1 | 0 |
Disposals (cash and non-cash) | (3) | 0 |
Acquisitions through business combinations | 44 | 21 |
Transfers and assets reclassified as held for sale | (12) | (12) |
Net foreign currency exchange differences | (6) | 5 |
Property, plant and equipment, Ending Balance | 127 | 103 |
Land | Accumulated Depreciation and Impairment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, Beginning Balance | 0 | 0 |
Depreciation/depletion/impairment expense | 0 | 0 |
Disposals (cash and non-cash) | 0 | 0 |
Transfers and assets reclassified as held for sale | 0 | 0 |
Net foreign currency exchange differences | 0 | 0 |
Property, plant and equipment, Ending Balance | 0 | 0 |
Building | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, Beginning Balance | 353 | |
Property, plant and equipment, Ending Balance | 584 | 353 |
Building | Gross Carrying Amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, Beginning Balance | 397 | 163 |
Additions (cash and non-cash) | 37 | 24 |
Disposals (cash and non-cash) | (5) | 0 |
Acquisitions through business combinations | 262 | 211 |
Transfers and assets reclassified as held for sale | (2) | (3) |
Net foreign currency exchange differences | (40) | 2 |
Property, plant and equipment, Ending Balance | 649 | 397 |
Building | Accumulated Depreciation and Impairment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, Beginning Balance | (44) | (29) |
Depreciation/depletion/impairment expense | (28) | (15) |
Disposals (cash and non-cash) | 1 | 0 |
Transfers and assets reclassified as held for sale | 1 | 0 |
Net foreign currency exchange differences | 5 | 0 |
Property, plant and equipment, Ending Balance | (65) | (44) |
Machinery and Equipment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, Beginning Balance | 946 | |
Property, plant and equipment, Ending Balance | 1,747 | 946 |
Machinery and Equipment | Gross Carrying Amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, Beginning Balance | 1,310 | 917 |
Additions (cash and non-cash) | 301 | 105 |
Disposals (cash and non-cash) | (95) | (22) |
Acquisitions through business combinations | 801 | 245 |
Transfers and assets reclassified as held for sale | (13) | 7 |
Net foreign currency exchange differences | (81) | 58 |
Property, plant and equipment, Ending Balance | 2,223 | 1,310 |
Machinery and Equipment | Accumulated Depreciation and Impairment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, Beginning Balance | (364) | (253) |
Depreciation/depletion/impairment expense | (192) | (106) |
Disposals (cash and non-cash) | 55 | 16 |
Transfers and assets reclassified as held for sale | 2 | (4) |
Net foreign currency exchange differences | 23 | (17) |
Property, plant and equipment, Ending Balance | (476) | (364) |
Machinery and Equipment | Accumulated Depreciation and Impairment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Impairment loss | 5 | 6 |
Mineral Property Assets and Oil and Gas Properties | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, Beginning Balance | 1,066 | |
Property, plant and equipment, Ending Balance | 754 | 1,066 |
Mineral Property Assets and Oil and Gas Properties | Gross Carrying Amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, Beginning Balance | 1,516 | 1,623 |
Additions (cash and non-cash) | 64 | 48 |
Disposals (cash and non-cash) | (2) | (251) |
Acquisitions through business combinations | 0 | 0 |
Transfers and assets reclassified as held for sale | 1 | (7) |
Net foreign currency exchange differences | (119) | 103 |
Property, plant and equipment, Ending Balance | 1,460 | 1,516 |
Mineral Property Assets and Oil and Gas Properties | Accumulated Depreciation and Impairment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, Beginning Balance | (450) | (447) |
Depreciation/depletion/impairment expense | (306) | (17) |
Disposals (cash and non-cash) | 0 | 35 |
Transfers and assets reclassified as held for sale | 0 | 5 |
Net foreign currency exchange differences | 50 | (26) |
Property, plant and equipment, Ending Balance | (706) | (450) |
Vessels | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, Beginning Balance | 0 | |
Property, plant and equipment, Ending Balance | 3,613 | 0 |
Vessels | Gross Carrying Amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, Beginning Balance | 0 | 0 |
Additions (cash and non-cash) | 86 | 0 |
Disposals (cash and non-cash) | (19) | 0 |
Acquisitions through business combinations | 3,738 | 0 |
Transfers and assets reclassified as held for sale | (13) | 0 |
Net foreign currency exchange differences | 0 | 0 |
Property, plant and equipment, Ending Balance | 3,792 | 0 |
Vessels | Accumulated Depreciation and Impairment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, Beginning Balance | 0 | 0 |
Depreciation/depletion/impairment expense | (182) | 0 |
Disposals (cash and non-cash) | 3 | 0 |
Transfers and assets reclassified as held for sale | 0 | 0 |
Net foreign currency exchange differences | 0 | 0 |
Property, plant and equipment, Ending Balance | (179) | 0 |
Others | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, Beginning Balance | 62 | |
Property, plant and equipment, Ending Balance | 122 | 62 |
Others | Gross Carrying Amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, Beginning Balance | 99 | 57 |
Additions (cash and non-cash) | 11 | 18 |
Disposals (cash and non-cash) | (7) | (2) |
Acquisitions through business combinations | 68 | 26 |
Transfers and assets reclassified as held for sale | 1 | (1) |
Net foreign currency exchange differences | (8) | 1 |
Property, plant and equipment, Ending Balance | 164 | 99 |
Others | Accumulated Depreciation and Impairment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, Beginning Balance | (37) | (24) |
Depreciation/depletion/impairment expense | (12) | (13) |
Disposals (cash and non-cash) | 3 | 1 |
Transfers and assets reclassified as held for sale | (1) | 0 |
Net foreign currency exchange differences | 5 | (1) |
Property, plant and equipment, Ending Balance | (42) | (37) |
Oil and Gas Properties | Gross Carrying Amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Impairment loss | $ 258 | $ 57 |
INTANGIBLE ASSETS (Details)
INTANGIBLE ASSETS (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | $ 3,094 | |
Intangible assets, Ending Balance | 5,523 | $ 3,094 |
Gross Carrying Amount | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | 3,360 | 554 |
Additions, net | 153 | 98 |
Acquisitions through business combinations | 2,911 | 2,870 |
Net foreign currency exchange differences | (415) | (86) |
Disposal | (8) | (76) |
Intangible assets, Ending Balance | 6,001 | 3,360 |
Accumulated Amortization and Impairment | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | (266) | (183) |
Amortization expense | (249) | (132) |
Net foreign currency exchange differences | 33 | (9) |
Disposal | 4 | 58 |
Intangible assets, Ending Balance | (478) | (266) |
Water and sewage concession agreements | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | 2,096 | |
Intangible assets, Ending Balance | 1,793 | 2,096 |
Water and sewage concession agreements | Gross Carrying Amount | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | 2,153 | 0 |
Additions, net | 104 | 67 |
Acquisitions through business combinations | (31) | 2,189 |
Net foreign currency exchange differences | (313) | (100) |
Disposal | (1) | (3) |
Intangible assets, Ending Balance | 1,912 | 2,153 |
Water and sewage concession agreements | Accumulated Amortization and Impairment | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | (57) | 0 |
Amortization expense | (69) | (57) |
Net foreign currency exchange differences | 6 | 0 |
Disposal | 1 | 0 |
Intangible assets, Ending Balance | (119) | (57) |
Customer relationships | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | 589 | |
Intangible assets, Ending Balance | $ 969 | 589 |
Intangible asset useful life | 25 years | |
Customer relationships | Gross Carrying Amount | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | $ 730 | 406 |
Additions, net | 2 | 1 |
Acquisitions through business combinations | 489 | 376 |
Net foreign currency exchange differences | (49) | 6 |
Disposal | 0 | (59) |
Intangible assets, Ending Balance | 1,172 | 730 |
Customer relationships | Accumulated Amortization and Impairment | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | (141) | (133) |
Amortization expense | (80) | (50) |
Net foreign currency exchange differences | 18 | (7) |
Disposal | 0 | 49 |
Intangible assets, Ending Balance | (203) | (141) |
Computer software, patents trademarks and proprietary technology | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | 126 | |
Intangible assets, Ending Balance | 2,072 | 126 |
Computer software, patents trademarks and proprietary technology | Gross Carrying Amount | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | 172 | 120 |
Additions, net | 19 | 18 |
Acquisitions through business combinations | 2,025 | 38 |
Net foreign currency exchange differences | (26) | 10 |
Disposal | (7) | (14) |
Intangible assets, Ending Balance | 2,183 | 172 |
Computer software, patents trademarks and proprietary technology | Accumulated Amortization and Impairment | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | (46) | (38) |
Amortization expense | (75) | (15) |
Net foreign currency exchange differences | 8 | (2) |
Disposal | 2 | 9 |
Intangible assets, Ending Balance | (111) | (46) |
Loyalty program | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | 158 | |
Intangible assets, Ending Balance | 135 | 158 |
Loyalty program | Gross Carrying Amount | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | 163 | 0 |
Additions, net | 0 | 0 |
Acquisitions through business combinations | 0 | 163 |
Net foreign currency exchange differences | (13) | 0 |
Disposal | 0 | 0 |
Intangible assets, Ending Balance | 150 | 163 |
Loyalty program | Accumulated Amortization and Impairment | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | (5) | 0 |
Amortization expense | (11) | (5) |
Net foreign currency exchange differences | 1 | 0 |
Disposal | 0 | 0 |
Intangible assets, Ending Balance | (15) | (5) |
Brand | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | 0 | |
Intangible assets, Ending Balance | 402 | 0 |
Brand | Gross Carrying Amount | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | 0 | 0 |
Additions, net | 0 | 0 |
Acquisitions through business combinations | 414 | 0 |
Net foreign currency exchange differences | (3) | 0 |
Disposal | 0 | 0 |
Intangible assets, Ending Balance | 411 | 0 |
Brand | Accumulated Amortization and Impairment | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | 0 | 0 |
Amortization expense | (10) | 0 |
Net foreign currency exchange differences | 0 | 0 |
Disposal | 1 | 0 |
Intangible assets, Ending Balance | (9) | 0 |
Distribution networks and other | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | 125 | |
Intangible assets, Ending Balance | 152 | 125 |
Distribution networks and other | Gross Carrying Amount | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | 142 | 28 |
Additions, net | 28 | 12 |
Acquisitions through business combinations | 14 | 104 |
Net foreign currency exchange differences | (11) | (2) |
Disposal | 0 | 0 |
Intangible assets, Ending Balance | 173 | 142 |
Distribution networks and other | Accumulated Amortization and Impairment | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets, Beginning Balance | (17) | (12) |
Amortization expense | (4) | (5) |
Net foreign currency exchange differences | 0 | 0 |
Disposal | 0 | 0 |
Intangible assets, Ending Balance | $ (21) | $ (17) |
Proprietary technology | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible asset useful life | 15 years |
GOODWILL - Change in Balance of
GOODWILL - Change in Balance of Goodwill (Details) - Goodwill - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Balance at beginning of year | $ 1,554 | $ 1,152 |
Acquisitions through business combinations | 957 | 342 |
Foreign currency translation | (100) | 60 |
Balance at end of year | $ 2,411 | $ 1,554 |
GOODWILL - Goodwill by Segment
GOODWILL - Goodwill by Segment (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of operating segments [line items] | ||
Goodwill | $ 2,411 | $ 1,554 |
Business services | ||
Disclosure of operating segments [line items] | ||
Goodwill | 1,306 | 1,368 |
Infrastructure services | ||
Disclosure of operating segments [line items] | ||
Goodwill | 760 | 0 |
Industrial operations | ||
Disclosure of operating segments [line items] | ||
Goodwill | $ 345 | $ 186 |
EQUITY ACCOUNTED INVESTMENTS -
EQUITY ACCOUNTED INVESTMENTS - Ownership, Voting Interest, and Carrying Value of Investments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Carrying value | $ 541 | $ 609 | $ 166 |
Business services | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Carrying value | $ 130 | $ 213 | |
Business services | Bottom of range | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Economic interest | 13.00% | 28.00% | |
Voting interest | 13.00% | 28.00% | |
Business services | Top of range | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Economic interest | 90.00% | 90.00% | |
Voting interest | 90.00% | 90.00% | |
Infrastructure services | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Economic interest | 25.00% | ||
Voting interest | 60.00% | ||
Carrying value | $ 338 | $ 201 | |
Infrastructure services | Bottom of range | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Economic interest | 25.00% | ||
Voting interest | 25.00% | ||
Infrastructure services | Top of range | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Economic interest | 50.00% | ||
Voting interest | 50.00% | ||
Industrial operations | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Carrying value | $ 73 | $ 195 | |
Industrial operations | Bottom of range | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Economic interest | 24.00% | 14.00% | |
Voting interest | 24.00% | 29.00% | |
Industrial operations | Top of range | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Economic interest | 50.00% | 50.00% | |
Voting interest | 50.00% | 50.00% |
EQUITY ACCOUNTED INVESTMENTS _2
EQUITY ACCOUNTED INVESTMENTS - Change in Investments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Interests In Other Entities [Abstract] | |||
Balance at beginning of year | $ 609 | $ 166 | |
Adoption of new accounting standards | (7) | 0 | |
Acquisitions through business combinations | 310 | 231 | |
Additions | 267 | 208 | |
Dispositions | (599) | 0 | |
Share of net income | 10 | 69 | $ 68 |
Share of other comprehensive income | (1) | (5) | |
Distributions received | (29) | (59) | |
Foreign currency translation | (19) | (1) | |
Balance at end of period | $ 541 | $ 609 | $ 166 |
EQUITY ACCOUNTED INVESTMENTS _3
EQUITY ACCOUNTED INVESTMENTS - Narrative (Details) $ in Millions | Jul. 02, 2018 | Jan. 23, 2018gaming_facility | Dec. 31, 2018USD ($)investment | Dec. 31, 2017USD ($) | Jul. 03, 2018 |
Disclosure Of Associates And Joint Ventures [Line Items] | |||||
Distributions received from equity accounted investments | $ 29 | $ 59 | |||
Number of investments accounting for using equity method, publicly listed entities | investment | 1 | ||||
Industrial operations | |||||
Disclosure Of Associates And Joint Ventures [Line Items] | |||||
Distributions received from equity accounted investments | $ 15 | ||||
Teekay Offshore | |||||
Disclosure Of Associates And Joint Ventures [Line Items] | |||||
Economic interest | 60.00% | ||||
Voting interest | 49.00% | ||||
Gaming Facilities | |||||
Disclosure Of Associates And Joint Ventures [Line Items] | |||||
Number of gaming facilities | gaming_facility | 3 | ||||
Minimum period of operating rights | 22 years | ||||
Teekay Offshore Partners L.P. (Teekay Offshore) | Teekay Offshore | |||||
Disclosure Of Associates And Joint Ventures [Line Items] | |||||
Percentage of voting equity interests acquired | 2.00% | ||||
Warrants | Teekay Offshore Partners L.P. (Teekay Offshore) | |||||
Disclosure Of Associates And Joint Ventures [Line Items] | |||||
Number of instruments or interests issued or issuable | 1,000,000 |
EQUITY ACCOUNTED INVESTMENTS _4
EQUITY ACCOUNTED INVESTMENTS - Gross Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current assets | $ 9,781 | $ 6,433 |
Non-current assets | 17,537 | 9,371 |
Total assets | 27,318 | 15,804 |
Current liabilities | 9,016 | 5,690 |
Non-current liabilities | 11,808 | 4,050 |
Total liabilities | 20,824 | 9,740 |
Equity to others ownership interest | 3,531 | 3,026 |
Business services | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Total assets | 7,613 | 7,899 |
Infrastructure services | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Total assets | 11,640 | 306 |
Industrial operations | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Total assets | 7,650 | 7,204 |
Investments accounted for using equity method | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current assets | 818 | 1,202 |
Non-current assets | 2,114 | 9,282 |
Total assets | 2,932 | 10,484 |
Current liabilities | 656 | 1,747 |
Non-current liabilities | 1,112 | 6,852 |
Total liabilities | 1,768 | 8,599 |
Total net assets | 1,164 | 1,885 |
Equity to others ownership interest | 616 | 1,369 |
Attributable to Partnership's share | 548 | 516 |
Investments accounted for using equity method | Business services | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current assets | 575 | 359 |
Non-current assets | 478 | 499 |
Total assets | 1,053 | 858 |
Current liabilities | 451 | 354 |
Non-current liabilities | 229 | 262 |
Total liabilities | 680 | 616 |
Total net assets | 373 | 242 |
Equity to others ownership interest | 219 | 94 |
Attributable to Partnership's share | 154 | 148 |
Investments accounted for using equity method | Infrastructure services | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current assets | 205 | 488 |
Non-current assets | 1,359 | 4,523 |
Total assets | 1,564 | 5,011 |
Current liabilities | 179 | 978 |
Non-current liabilities | 747 | 3,197 |
Total liabilities | 926 | 4,175 |
Total net assets | 638 | 836 |
Equity to others ownership interest | 319 | 626 |
Attributable to Partnership's share | 319 | 210 |
Investments accounted for using equity method | Industrial operations | ||
Disclosure Of Associates And Joint Ventures [Line Items] | ||
Current assets | 38 | 355 |
Non-current assets | 277 | 4,260 |
Total assets | 315 | 4,615 |
Current liabilities | 26 | 415 |
Non-current liabilities | 136 | 3,393 |
Total liabilities | 162 | 3,808 |
Total net assets | 153 | 807 |
Equity to others ownership interest | 78 | 649 |
Attributable to Partnership's share | $ 75 | $ 158 |
EQUITY ACCOUNTED INVESTMENTS _5
EQUITY ACCOUNTED INVESTMENTS - Gross Revenue, Net Income, Other Comprehensive Income and Distributions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Revenues | $ 37,168 | $ 22,823 | $ 7,960 |
Net income | 1,203 | 215 | (202) |
OCI | (388) | 109 | 133 |
Comprehensive income (loss) | 815 | 324 | (69) |
Attributable to other ownership interests, Comprehensive income | 535 | 239 | (74) |
Attributable to other ownership interests, Distributions | 1,995 | 388 | 40 |
Attributable to partnership, Distributions | 32 | 31 | 12 |
Business services | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Revenues | 30,847 | 20,874 | 6,393 |
Infrastructure services | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Revenues | 2,418 | 3 | 0 |
Industrial operations | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Revenues | 3,896 | 1,939 | 1,566 |
Investments accounted for using equity method | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Revenues | 1,878 | 1,509 | 1,344 |
Net income | 133 | 383 | 148 |
OCI | (31) | (38) | (138) |
Comprehensive income (loss) | 102 | 345 | 10 |
Attributable to other ownership interests, Comprehensive income | 94 | 281 | (3) |
Attributable to other ownership interests, Distributions | 102 | 217 | 55 |
Attributable to partnership, Comprehensive income | 8 | 64 | 13 |
Attributable to partnership, Distributions | 29 | 59 | 25 |
Investments accounted for using equity method | Business services | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Revenues | 605 | 397 | 403 |
Net income | 102 | 81 | 49 |
OCI | (15) | 0 | 0 |
Comprehensive income (loss) | 87 | 81 | 49 |
Attributable to other ownership interests, Comprehensive income | 85 | 54 | 32 |
Attributable to other ownership interests, Distributions | 7 | 45 | 38 |
Attributable to partnership, Comprehensive income | 2 | 27 | 17 |
Attributable to partnership, Distributions | 10 | 22 | 20 |
Investments accounted for using equity method | Infrastructure services | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Revenues | 828 | 301 | |
Net income | (31) | (25) | |
OCI | 2 | 2 | |
Comprehensive income (loss) | (29) | (23) | |
Attributable to other ownership interests, Comprehensive income | (25) | (17) | |
Attributable to other ownership interests, Distributions | 9 | 3 | |
Attributable to partnership, Comprehensive income | (4) | (6) | |
Attributable to partnership, Distributions | 4 | 1 | |
Investments accounted for using equity method | Industrial operations | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Revenues | 445 | 811 | 941 |
Net income | 62 | 327 | 99 |
OCI | (18) | (40) | (138) |
Comprehensive income (loss) | 44 | 287 | (39) |
Attributable to other ownership interests, Comprehensive income | 34 | 244 | (35) |
Attributable to other ownership interests, Distributions | 86 | 169 | 17 |
Attributable to partnership, Comprehensive income | 10 | 43 | (4) |
Attributable to partnership, Distributions | $ 15 | $ 36 | $ 5 |
EQUITY ACCOUNTED INVESTMENTS _6
EQUITY ACCOUNTED INVESTMENTS - Fair Value of Equity Accounted Investments (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Carrying value | $ 541 | $ 609 | $ 166 |
Business services | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Carrying value | 130 | 213 | |
Infrastructure services | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Carrying value | 338 | 201 | |
Publicly Listed | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Public price | 36 | 286 | |
Carrying value | 0 | 201 | |
Publicly Listed | Business services | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Public price | 36 | 44 | |
Carrying value | 0 | 0 | |
Publicly Listed | Infrastructure services | |||
Disclosure Of Associates And Joint Ventures [Line Items] | |||
Public price | 0 | 242 | |
Carrying value | $ 0 | $ 201 |
ACCOUNTS PAYABLE AND OTHER - Ac
ACCOUNTS PAYABLE AND OTHER - Accounts Payable and Other (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Current: | ||
Accounts payable | $ 1,819 | $ 1,451 |
Accrued and other liabilities | 3,498 | 2,992 |
Work in progress | 1,637 | 341 |
Provisions and decommissioning liabilities | 234 | 81 |
Total current | 7,188 | 4,865 |
Non-current: | ||
Accounts payable | 97 | 113 |
Accrued and other liabilities | 1,206 | 435 |
Work in progress | 71 | 86 |
Provisions and decommissioning liabilities (4) | 520 | 139 |
Total non-current | 1,894 | 773 |
Bank overdrafts | $ 581 | $ 581 |
Bottom of range | ||
Disclosure of defined benefit plans [line items] | ||
Liability risk rate | 1.90% | 1.70% |
Liability inflation rate | 1.90% | 1.40% |
Top of range | ||
Disclosure of defined benefit plans [line items] | ||
Liability risk rate | 8.50% | 8.50% |
Liability inflation rate | 3.00% | 2.00% |
Defined benefit plans | ||
Disclosure of defined benefit plans [line items] | ||
Net defined benefit liability | $ 500 | |
Current net defined benefit liability | 12 | |
Non-current net defined benefit liability | 488 | |
Post-retirement benefit plans | ||
Disclosure of defined benefit plans [line items] | ||
Net defined benefit liability | 67 | |
Current net defined benefit liability | 5 | |
Non-current net defined benefit liability | $ 62 |
ACCOUNTS PAYABLE AND OTHER - Ot
ACCOUNTS PAYABLE AND OTHER - Other Provisions (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of changes in other provisions [abstract] | ||
Other provision - balance at beginning of year | $ 220 | $ 203 |
Additions through business combinations | 581 | |
Additional provisions recognized | 73 | 97 |
Reduction arising from payments/derecognition | (152) | (34) |
Accretion expenses | 9 | 7 |
Change in discount rate | (1) | (51) |
Change in other estimates | 43 | (17) |
Net foreign currency exchange differences | (19) | 15 |
Other provision - balance at end of year | 754 | 220 |
Decommissioning Liability | ||
Reconciliation of changes in other provisions [abstract] | ||
Other provision - balance at beginning of year | 93 | 134 |
Additions through business combinations | 193 | |
Additional provisions recognized | 0 | 8 |
Reduction arising from payments/derecognition | (5) | (2) |
Accretion expenses | 8 | 7 |
Change in discount rate | (1) | (51) |
Change in other estimates | 31 | (14) |
Net foreign currency exchange differences | (8) | 11 |
Other provision - balance at end of year | 311 | 93 |
Provisions for defects | ||
Reconciliation of changes in other provisions [abstract] | ||
Other provision - balance at beginning of year | 45 | 47 |
Additions through business combinations | 0 | |
Additional provisions recognized | 11 | 12 |
Reduction arising from payments/derecognition | (10) | (17) |
Accretion expenses | 0 | 0 |
Change in discount rate | 0 | 0 |
Change in other estimates | 2 | 0 |
Net foreign currency exchange differences | (3) | 3 |
Other provision - balance at end of year | 45 | 45 |
Other | ||
Reconciliation of changes in other provisions [abstract] | ||
Other provision - balance at beginning of year | 82 | 22 |
Additions through business combinations | 388 | |
Additional provisions recognized | 62 | 77 |
Reduction arising from payments/derecognition | (137) | (15) |
Accretion expenses | 1 | 0 |
Change in discount rate | 0 | 0 |
Change in other estimates | 10 | (3) |
Net foreign currency exchange differences | (8) | 1 |
Other provision - balance at end of year | $ 398 | $ 82 |
CONTRACTS IN PROGRESS (Details)
CONTRACTS IN PROGRESS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2016 | |
Construction Contracts [Abstract] | |||
Contract costs incurred to date | $ 12,129 | $ 20,455 | $ 9,761 |
Profit recognized to date (less recognized losses) | 558 | 1,946 | 498 |
Contract costs incurred and profit recognized (less recognized losses) | 12,687 | 22,401 | 10,259 |
Less: progress billings | (12,919) | (23,546) | (10,189) |
Contract work in progress (liability) | (232) | (1,145) | 70 |
Comprising: | |||
Amounts due from customers — work in progress | 195 | 563 | 309 |
Amounts due to customers — creditors | (427) | (1,708) | (239) |
Contract work in progress (liability) | (232) | $ (1,145) | $ 70 |
Change in Amounts due from customers asset, billed amounts | 1,446 | ||
Change in Amounts due from customers asset, additions to work in progress | 1,340 | ||
Change in amounts due from customers asset, acquisitions | 490 | ||
Change in amounts due from customers liability, billed amounts | 1,828 | ||
Change in amounts due from customers liability additions to work in progress | 1,974 | ||
Change in amounts due from customers liability, acquisitions | $ 1,168 |
BORROWINGS - Borrowings Maturit
BORROWINGS - Borrowings Maturity (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse subsidiary borrowings | $ 10,866 | $ 3,265 |
Business services | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse subsidiary borrowings | 1,228 | 1,190 |
Infrastructure services | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse subsidiary borrowings | 5,748 | 0 |
Industrial operations | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse subsidiary borrowings | 3,890 | $ 2,075 |
2019 | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse subsidiary borrowings | 1,819 | |
2019 | Business services | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse subsidiary borrowings | 797 | |
2019 | Infrastructure services | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse subsidiary borrowings | 713 | |
2019 | Industrial operations | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse subsidiary borrowings | 309 | |
2020 | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse subsidiary borrowings | 1,003 | |
2020 | Business services | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse subsidiary borrowings | 22 | |
2020 | Infrastructure services | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse subsidiary borrowings | 359 | |
2020 | Industrial operations | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse subsidiary borrowings | 622 | |
2021 | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse subsidiary borrowings | 792 | |
2021 | Business services | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse subsidiary borrowings | 27 | |
2021 | Infrastructure services | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse subsidiary borrowings | 313 | |
2021 | Industrial operations | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse subsidiary borrowings | 452 | |
2022 | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse subsidiary borrowings | 986 | |
2022 | Business services | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse subsidiary borrowings | 177 | |
2022 | Infrastructure services | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse subsidiary borrowings | 602 | |
2022 | Industrial operations | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse subsidiary borrowings | 207 | |
2023 | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse subsidiary borrowings | 806 | |
2023 | Business services | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse subsidiary borrowings | 72 | |
2023 | Infrastructure services | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse subsidiary borrowings | 507 | |
2023 | Industrial operations | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse subsidiary borrowings | 227 | |
Thereafter | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse subsidiary borrowings | 5,460 | |
Thereafter | Business services | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse subsidiary borrowings | 133 | |
Thereafter | Infrastructure services | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse subsidiary borrowings | 3,254 | |
Thereafter | Industrial operations | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse subsidiary borrowings | $ 2,073 |
BORROWINGS - Narrative (Details
BORROWINGS - Narrative (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Oct. 31, 2017 |
Disclosure of detailed information about borrowings [line items] | |||
Non-recourse subsidiary borrowings | $ 10,866,000,000 | $ 3,265,000,000 | |
Borrowings assumed in acquisitions | 7,601,000,000 | ||
Brookfield Credit Agreements | |||
Disclosure of detailed information about borrowings [line items] | |||
Credit facility, maximum borrowing capacity | 500,000,000 | $ 500,000,000 | |
Revolving Credit Facility | |||
Disclosure of detailed information about borrowings [line items] | |||
Credit facility, maximum borrowing capacity | $ 825,000,000 | ||
Revolving Credit Facility | Floating interest rate | LIBOR or Bankers' Acceptance Rate | |||
Disclosure of detailed information about borrowings [line items] | |||
Basis spread on variable rate | 2.50% | ||
Revolving Credit Facility | Floating interest rate | Base Rate or Prime Rate | |||
Disclosure of detailed information about borrowings [line items] | |||
Basis spread on variable rate | 1.50% |
BORROWINGS - Weighted Average I
BORROWINGS - Weighted Average Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about borrowings [line items] | ||
Term | 5 years 11 months 5 days | 5 years 7 months 6 days |
Non-recourse subsidiary borrowings | $ 10,866 | $ 3,265 |
Weighted average | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 6.45% | 7.33% |
Business services | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse subsidiary borrowings | $ 1,228 | $ 1,190 |
Business services | Weighted average | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 5.11% | 4.06% |
Term | 2 years 5 months 19 days | 3 years 26 days |
Infrastructure services | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse subsidiary borrowings | $ 5,748 | $ 0 |
Infrastructure services | Weighted average | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 6.16% | 2.97% |
Term | 6 years 1 month 21 days | 1 year 6 months 18 days |
Industrial operations | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse subsidiary borrowings | $ 3,890 | $ 2,075 |
Industrial operations | Weighted average | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 7.31% | 9.22% |
Term | 6 years 7 months 28 days | 7 years 18 days |
Corporate and Other | ||
Disclosure of detailed information about borrowings [line items] | ||
Non-recourse subsidiary borrowings | $ 0 | $ 0 |
Corporate and Other | Weighted average | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 0.00% | 0.00% |
Term | 0 years | 0 years |
BORROWINGS - Borrowings by Curr
BORROWINGS - Borrowings by Currency (Details) € in Millions, £ in Millions, R$ in Millions, $ in Millions, $ in Millions, $ in Millions | Dec. 31, 2018USD ($) | Dec. 31, 2018BRL (R$) | Dec. 31, 2018AUD ($) | Dec. 31, 2018GBP (£) | Dec. 31, 2018CAD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2017USD ($) | Dec. 31, 2017BRL (R$) | Dec. 31, 2017AUD ($) | Dec. 31, 2017GBP (£) | Dec. 31, 2017CAD ($) | Dec. 31, 2017EUR (€) |
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Non-recourse subsidiary borrowings | $ 10,866 | $ 3,265 | ||||||||||
Australian dollars | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Non-recourse subsidiary borrowings | 5 | $ 7 | 0 | $ 0 | ||||||||
British pounds | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Non-recourse subsidiary borrowings | 33 | £ 26 | 46 | £ 36 | ||||||||
U.S. dollars | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Non-recourse subsidiary borrowings | 8,605 | 974 | ||||||||||
Canadian dollars | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Non-recourse subsidiary borrowings | 786 | $ 1,073 | 936 | $ 1,090 | ||||||||
Euros | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Non-recourse subsidiary borrowings | 264 | € 231 | 17 | € 14 | ||||||||
Brazilian real | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Non-recourse subsidiary borrowings | 1,135 | R$ 4399 | 1,292 | R$ 4271 | ||||||||
Other | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Non-recourse subsidiary borrowings | 38 | 0 | ||||||||||
Other local currency | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Non-recourse subsidiary borrowings | $ 175 | $ 2 |
INCOME TAXES - Components of In
INCOME TAXES - Components of Income Tax Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Abstract] | |||
Current income tax expense/(recovery) | $ 186 | $ 30 | $ 25 |
Deferred income tax expense/(recovery): | |||
Origination and reversal of temporary differences | (61) | (14) | (32) |
Recovery arising from previously unrecognized tax assets | (27) | (10) | (8) |
Change of tax rates and imposition of new legislations | 0 | 2 | (1) |
Total deferred income taxes | (88) | (22) | (41) |
Income taxes | $ 98 | $ 8 | $ (16) |
INCOME TAXES - Differences in T
INCOME TAXES - Differences in Tax Rates (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Abstract] | |||
Composite income tax rate | 27.00% | 27.00% | 27.00% |
Increase (reduction) in rate resulting from: | |||
Portion of gains subject to different tax rates | (1.00%) | (6.00%) | (1.00%) |
International operations subject to different tax rates | (16.00%) | 5.00% | 3.00% |
Taxable income attributable to non-controlling interest | (3.00%) | (18.00%) | 6.00% |
Recognition of deferred tax assets | (2.00%) | (5.00%) | 2.00% |
Non-recognition of the benefit of current year's tax losses | 1.00% | (1.00%) | (29.00%) |
Other | 2.00% | 1.00% | (1.00%) |
Effective income tax rate | 8.00% | 3.00% | 7.00% |
INCOME TAXES - Change in Deferr
INCOME TAXES - Change in Deferred Tax Balances (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred income tax assets | $ 280 | $ 174 | |
Deferred income tax liabilities | (867) | (837) | |
Total net deferred tax (liability)/asset | (587) | (663) | $ 30 |
Non-capital losses | Canada | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Total net deferred tax (liability)/asset | 28 | 83 | |
Capital losses | Canada | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Total net deferred tax (liability)/asset | 0 | 0 | |
Losses | U.S. | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Total net deferred tax (liability)/asset | 72 | 7 | |
Losses | International | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Total net deferred tax (liability)/asset | 78 | 122 | |
Difference in basis | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Total net deferred tax (liability)/asset | $ (765) | $ (875) |
INCOME TAXES - Deferred Income
INCOME TAXES - Deferred Income Tax Movement (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Opening net deferred tax (liability)/asset | $ (663) | $ 30 | |
Recognized in income | 88 | 22 | |
Recognized in other comprehensive income | (2) | 0 | $ 6 |
Recognized in other | (10) | (715) | |
Net deferred tax (liability)/asset | $ (587) | $ (663) | $ 30 |
INCOME TAXES - Expiry Date of U
INCOME TAXES - Expiry Date of Unrecognized Deferred Tax Assets (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | $ 920 | $ 320 |
2019 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | 10 | 0 |
2020 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | 0 | 1 |
2021 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | 1 | 272 |
2022 and after | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | 322 | 0 |
Do not expire | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | $ 587 | $ 47 |
INCOME TAXES - Components of _2
INCOME TAXES - Components of Income Taxes in Other Comprehensive Income (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Abstract] | |||
Fair value through OCI | $ (3,000,000) | $ (1,000,000) | $ 1,000,000 |
Net investment hedges | 13,000,000 | (8,000,000) | 3,000,000 |
Cash flow hedges | (6,000,000) | 10,000,000 | (3,000,000) |
Equity accounted investments | 0 | (1,000,000) | (7,000,000) |
Revaluation of pension obligations | (2,000,000) | 0 | 0 |
Total deferred tax expense (recovery) in other comprehensive income | 2,000,000 | 0 | $ (6,000,000) |
Current tax relating to items credited (charged) directly to equity | $ 49,000,000 | $ 0 |
EQUITY - Additional Information
EQUITY - Additional Information (Details) $ / shares in Units, $ in Millions | Oct. 26, 2017USD ($)$ / sharesshares | Sep. 26, 2017USD ($)$ / sharesshares | Sep. 25, 2017 | Jun. 20, 2016USD ($) | Dec. 31, 2018USD ($)class$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)shares | |||
Share Capital, Number Of Classes Of Units | class | 2 | |||||||||
Increase (decrease) in dividends recognised as distributions to owners per share (in dollars per share) | $ / shares | $ 10.77 | |||||||||
Issue of equity | [1] | $ 621 | $ 384 | |||||||
Decrease through other distributions to owners, equity | $ 2,680 | [1] | 561 | [1] | 70 | |||||
Proceeds from issuing shares | 0 | 621 | 634 | |||||||
Net loss attributable to limited partnership unitholders | [2] | 74 | (58) | $ 3 | ||||||
Non-controlling interest - Redemption-Exchange Units held by Brookfield Asset Management Inc. | ||||||||||
Dividends recognised as distributions to owners | $ 32 | $ 31 | ||||||||
Dividends recognised as distributions to owners per share (in dollars per share) | $ / shares | $ 0.25 | |||||||||
Number of shares issued (in shares) | shares | 63,095,497 | 63,095,497 | 56,150,497 | |||||||
Weighted average number of ordinary shares outstanding (in shares) | shares | 63,000,000 | 58,000,000 | ||||||||
Brookfield Asset Management Inc. | ||||||||||
Number of shares issued (in shares) | shares | 4 | 4 | 4 | |||||||
Decrease through other distributions to owners, equity | $ 18 | |||||||||
Stock issued (in shares) | shares | 13,340,000 | |||||||||
Shares issued (in dollars per share) | $ / shares | $ 30 | |||||||||
Proceeds from issuing shares | $ 400 | |||||||||
Share issue related cost | $ 8 | |||||||||
Proportion of ownership interest in subsidiary | 68.00% | 69.00% | 75.00% | 79.00% | 68.00% | |||||
Weighted average number of ordinary shares outstanding (in shares) | shares | 4 | 4 | ||||||||
Limited Partners | ||||||||||
Number of shares issued (in shares) | shares | 66,185,798 | 66,185,798 | 51,845,298 | |||||||
Issue of equity | [1] | $ 421 | $ 192 | |||||||
Decrease through other distributions to owners, equity | $ 16 | [1] | $ 15 | [1] | $ 6 | |||||
Weighted average number of ordinary shares outstanding (in shares) | shares | 66,000,000 | 55,500,000 | ||||||||
Special Limited Partners | ||||||||||
Number of shares issued (in shares) | shares | 4 | 4 | ||||||||
Weighted average number of ordinary shares outstanding (in shares) | shares | 4 | 4 | ||||||||
Associates | Holding LP | ||||||||||
Share Capital, Number Of Classes Of Units | class | 3 | |||||||||
Number of shares issued (in shares) | shares | 63,000,000 | |||||||||
Issue of equity | $ 200 | |||||||||
Stock issued (in shares) | shares | 6,945,000 | |||||||||
Preferred shareholder's capital | Brookfield Asset Management Inc. | ||||||||||
Number of shares issued (in shares) | shares | 200,002 | 200,002 | ||||||||
Issued on spin-off | Brookfield Asset Management Inc. | ||||||||||
Issue of equity | $ 250 | |||||||||
Issued on spin-off | Special Limited Partners | ||||||||||
Number of shares issued (in shares) | shares | 4 | 4 | ||||||||
Issued on spin-off | Preferred shareholder's capital | Brookfield Asset Management Inc. | ||||||||||
Number of shares issued (in shares) | shares | 200,002 | 200,002 | ||||||||
Issue of equity | $ 15 | |||||||||
Over-Allotment Option | ||||||||||
Stock issued (in shares) | shares | 1,000,500 | |||||||||
Shares issued (in dollars per share) | $ / shares | $ 30 | |||||||||
Proceeds from issuing shares | $ 30 | |||||||||
Share issue related cost | $ 1 | |||||||||
Interest of others in operating subsidiaries | ||||||||||
Dividends recognised as distributions to owners | [1] | $ 2,370 | ||||||||
Decrease through other distributions to owners, equity | $ 388 | [1] | $ 40 | |||||||
Entities with joint control or significant influence over entity | ||||||||||
Incentive distribution rights based on percent increase in unit price | 20.00% | |||||||||
Dividends recognised as distributions to owners | $ 278 | $ 142 | ||||||||
Dividends recognised as distributions to owners per share (in dollars per share) | $ / shares | $ 41.96 | $ 31.19 | ||||||||
Volume weighted average share price threshold (in dollars per share) | $ / shares | $ 41.96 | |||||||||
[1] | See Note 19 for additional information on distributions as it relates to the Special Limited Partners and for additional information on the unit issuance. | |||||||||
[2] | For the periods subsequent to June 20, 2016. |
EQUITY - Schedule of Units (Det
EQUITY - Schedule of Units (Details) - shares | Sep. 26, 2017 | Dec. 31, 2018 | Dec. 31, 2017 |
Total | |||
Opening balance (in shares) | 66,185,802 | 51,845,302 | |
On issue at December 31 (in shares) | 66,185,802 | 66,185,802 | |
Total | Issued for cash | |||
Issued (in shares) | 0 | 14,340,500 | |
Brookfield Asset Management Inc. | |||
Opening balance (in shares) | 4 | 4 | |
Issued (in shares) | 13,340,000 | ||
On issue at December 31 (in shares) | 4 | 4 | |
Weighted average number of ordinary shares outstanding (in shares) | 4 | 4 | |
Brookfield Asset Management Inc. | Preferred shares | |||
Opening balance (in shares) | 200,002 | ||
On issue at December 31 (in shares) | 200,002 | 200,002 | |
Brookfield Asset Management Inc. | Issued for cash | |||
Issued (in shares) | 0 | 0 | |
Limited Partners | |||
Opening balance (in shares) | 66,185,798 | 51,845,298 | |
On issue at December 31 (in shares) | 66,185,798 | 66,185,798 | |
Weighted average number of ordinary shares outstanding (in shares) | 66,000,000 | 55,500,000 | |
Limited Partners | Issued for cash | |||
Issued (in shares) | 0 | 14,340,500 | |
Non-controlling interest - Redemption-Exchange Units held by Brookfield Asset Management Inc. | |||
Opening balance (in shares) | 63,095,497 | 56,150,497 | |
On issue at December 31 (in shares) | 63,095,497 | 63,095,497 | |
Weighted average number of ordinary shares outstanding (in shares) | 63,000,000 | 58,000,000 | |
Non-controlling interest - Redemption-Exchange Units held by Brookfield Asset Management Inc. | Issued for cash | |||
Issued (in shares) | 0 | 6,945,000 | |
Special Limited Partners | |||
Opening balance (in shares) | 4 | ||
On issue at December 31 (in shares) | 4 | 4 | |
Weighted average number of ordinary shares outstanding (in shares) | 4 | 4 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||
Beginning balance | $ 6,064 | $ 4,038 | $ 3,084 | |||
Other comprehensive income (loss) | (388) | 109 | 133 | |||
Ownership changes | 1,780 | [1] | (148) | [2] | ||
Unit issuance / reorganization | [3] | 265 | ||||
Ending balance | 6,494 | 6,064 | 4,038 | |||
Limited Partners | ||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||
Beginning balance | 1,585 | 1,206 | 0 | |||
Other comprehensive income (loss) | (73) | 29 | (8) | |||
Ownership changes | 111 | [1] | 3 | [2] | ||
Unit issuance / reorganization | [3] | 1,022 | ||||
Ending balance | $ 1,548 | $ 1,585 | $ 1,206 | |||
Number of shares issued (in shares) | 66,185,798 | 66,185,798 | 51,845,298 | |||
Non-controlling interest - Redemption-Exchange Units held by Brookfield Asset Management Inc. | ||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||
Number of shares issued (in shares) | 63,095,497 | 63,095,497 | 56,150,497 | |||
Brookfield Asset Management Inc. | ||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||
Beginning balance | $ 0 | $ 0 | $ 1,787 | |||
Other comprehensive income (loss) | 50 | |||||
Unit issuance / reorganization | [3] | (1,867) | ||||
Ending balance | $ 0 | $ 0 | $ 0 | |||
Number of shares issued (in shares) | 4 | 4 | 4 | |||
Equity attributable to owners of parent and special limited partners | ||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||
Number of shares issued (in shares) | 8 | |||||
Foreign currency translation | Limited Partners | ||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||
Beginning balance | $ (111) | $ (148) | $ 0 | |||
Other comprehensive income (loss) | (71) | 37 | (21) | |||
Ownership changes | 0 | 0 | ||||
Unit issuance / reorganization | (127) | |||||
Ending balance | (182) | (111) | (148) | |||
Foreign currency translation | Non-controlling interest - Redemption-Exchange Units held by Brookfield Asset Management Inc. | ||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||
Beginning balance | (165) | (205) | 0 | |||
Other comprehensive income (loss) | (67) | 40 | (24) | |||
Ownership changes | 0 | 0 | ||||
Unit issuance / reorganization | (181) | |||||
Ending balance | (232) | (165) | (205) | |||
Foreign currency translation | Brookfield Asset Management Inc. | ||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||
Beginning balance | 0 | (358) | ||||
Other comprehensive income (loss) | 53 | |||||
Ownership changes | (3) | |||||
Unit issuance / reorganization | 308 | |||||
Ending balance | 0 | |||||
Fair value through OCI | Limited Partners | ||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||
Beginning balance | 6 | 4 | 0 | |||
Other comprehensive income (loss) | 3 | 2 | 13 | |||
Ownership changes | 0 | 0 | ||||
Unit issuance / reorganization | (9) | |||||
Ending balance | 9 | 6 | 4 | |||
Fair value through OCI | Non-controlling interest - Redemption-Exchange Units held by Brookfield Asset Management Inc. | ||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||
Beginning balance | 4 | 2 | 0 | |||
Other comprehensive income (loss) | 3 | 2 | 15 | |||
Ownership changes | 0 | 0 | ||||
Unit issuance / reorganization | (13) | |||||
Ending balance | 7 | 4 | 2 | |||
Fair value through OCI | Brookfield Asset Management Inc. | ||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||
Beginning balance | 0 | (35) | ||||
Other comprehensive income (loss) | 13 | |||||
Ownership changes | 0 | |||||
Unit issuance / reorganization | 22 | |||||
Ending balance | 0 | |||||
Other | Limited Partners | ||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||
Beginning balance | (7) | 3 | 0 | |||
Other comprehensive income (loss) | (5) | (10) | 0 | |||
Ownership changes | (1) | (2) | ||||
Unit issuance / reorganization | 5 | |||||
Ending balance | (13) | (7) | 3 | |||
Other | Non-controlling interest - Redemption-Exchange Units held by Brookfield Asset Management Inc. | ||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||
Beginning balance | (4) | 6 | 0 | |||
Other comprehensive income (loss) | (5) | (10) | 1 | |||
Ownership changes | (1) | (2) | ||||
Unit issuance / reorganization | 7 | |||||
Ending balance | (10) | (4) | 6 | |||
Other | Brookfield Asset Management Inc. | ||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||
Beginning balance | 0 | 33 | ||||
Other comprehensive income (loss) | (16) | |||||
Ownership changes | (5) | |||||
Unit issuance / reorganization | (12) | |||||
Ending balance | 0 | |||||
Accumulated other comprehensive income (loss) | Limited Partners | ||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||
Beginning balance | [4] | (112) | (141) | 0 | ||
Other comprehensive income (loss) | [4] | (73) | 29 | (8) | ||
Ownership changes | [4] | (1) | [1] | (2) | [2] | |
Unit issuance / reorganization | [3],[4] | (131) | ||||
Ending balance | [4] | (186) | (112) | (141) | ||
Accumulated other comprehensive income (loss) | Non-controlling interest - Redemption-Exchange Units held by Brookfield Asset Management Inc. | ||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||
Beginning balance | (165) | (197) | 0 | |||
Other comprehensive income (loss) | (69) | 32 | (8) | |||
Ownership changes | (1) | (2) | ||||
Unit issuance / reorganization | (187) | |||||
Ending balance | (235) | (165) | (197) | |||
Accumulated other comprehensive income (loss) | Brookfield Asset Management Inc. | ||||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||
Beginning balance | [4] | 0 | 0 | (360) | ||
Other comprehensive income (loss) | [4] | 50 | ||||
Ownership changes | (8) | |||||
Unit issuance / reorganization | [3],[4] | 318 | ||||
Ending balance | [4] | $ 0 | $ 0 | $ 0 | ||
[1] | Includes gains or losses on changes in ownership interests of consolidated subsidiaries. | |||||
[2] | See Note 14 for additional information on ownership changes as it relates to interest of others in operating subsidiaries | |||||
[3] | See Note 1(b) and 2(b) for details regarding the spin-off and reorganization. | |||||
[4] | See Note 20 for additional information. |
DIRECT OPERATING COSTS - Schedu
DIRECT OPERATING COSTS - Schedule of Lists of Direct Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Analysis of income and expense [abstract] | |||
Cost of sales | $ 31,539 | $ 20,276 | $ 6,021 |
Compensation | 2,530 | 1,568 | 1,346 |
Property taxes, sales taxes and other | 65 | 32 | 19 |
Total | $ 34,134 | $ 21,876 | $ 7,386 |
DIRECT OPERATING COSTS - Additi
DIRECT OPERATING COSTS - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Analysis of income and expense [abstract] | |||
Inventories recognized as expense during the period | $ 21,421 | $ 12,701 | $ 1,017 |
GUARANTEES AND CONTINGENCIES (D
GUARANTEES AND CONTINGENCIES (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2018USD ($)subsidiary | Dec. 31, 2017USD ($) | |
Disclosure of contingent liabilities [line items] | ||
Number of subsidiaries which administer deposits | subsidiary | 2 | |
Deposits from customers | $ 86 | $ 96 |
Contingent liability for guarantees | ||
Disclosure of contingent liabilities [line items] | ||
Contingent liabilities related to third parties | $ 1,744 | $ 1,614 |
CONTRACTUAL COMMITMENTS - Narra
CONTRACTUAL COMMITMENTS - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of operating segments [line items] | |||
Lease expenses | $ 594,000,000 | $ 125,000,000 | $ 48,000,000 |
Industrial operations | |||
Disclosure of operating segments [line items] | |||
Contractual capital commitments | 282,000,000 | 201,000,000 | |
Infrastructure services | |||
Disclosure of operating segments [line items] | |||
Contractual capital commitments | 768,000,000 | ||
Business services | |||
Disclosure of operating segments [line items] | |||
Contractual capital commitments | $ 0 | $ 17,000,000 |
CONTRACTUAL COMMITMENTS - Oblig
CONTRACTUAL COMMITMENTS - Obligations Under Finance and Operating Leases (Details) $ in Millions | Dec. 31, 2018USD ($) |
Disclosure of finance lease and operating lease by lessee [line items] | |
Total finance lease obligations | $ 60 |
Total operating lease obligations | 1,245 |
1 Year | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Total finance lease obligations | 12 |
Total operating lease obligations | 225 |
2-5 Years | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Total finance lease obligations | 32 |
Total operating lease obligations | 484 |
Over 5 years | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Total finance lease obligations | 16 |
Total operating lease obligations | $ 536 |
RELATED PARTY TRANSACTIONS - Na
RELATED PARTY TRANSACTIONS - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of transactions between related parties [line items] | |||
Selling, general and administrative expense | $ 643,000,000 | $ 340,000,000 | $ 269,000,000 |
Deposits, classified as cash and cash equivalents | 244,000,000 | 384,000,000 | |
Hedges of net investment in foreign operations | |||
Disclosure of transactions between related parties [line items] | |||
Derivative financial assets | 76,000,000 | 5,000,000 | |
Derivative financial liabilities | 0 | 27,000,000 | |
Parent company | |||
Disclosure of transactions between related parties [line items] | |||
Selling, general and administrative expense | 0 | 0 | 6,000,000 |
Outstanding commitments made by entity, related party transactions | 0 | 0 | |
Deposits, classified as cash and cash equivalents | 244,000,000 | 384,000,000 | |
Interest income on deposits | 12,000,000 | 6,000,000 | 1,000,000 |
Base management fee expense | 56,000,000 | 33,000,000 | 12,000,000 |
Dividends recognised as distributions to owners | 278,000,000 | 142,000,000 | |
Parent company | Hedges of net investment in foreign operations | Elected for hedge accounting | |||
Disclosure of transactions between related parties [line items] | |||
Unrealised gain (loss) on hedging instrument | $ 0 | $ 0 | $ 9,000,000 |
RELATED PARTY TRANSACTIONS - Ot
RELATED PARTY TRANSACTIONS - Other Related Party Transactions (Details) - Other related parties - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of transactions between related parties [line items] | |||
Accounts receivable | $ 63 | $ 64 | |
Accounts payable and other | 63 | 106 | |
Business services | |||
Disclosure of transactions between related parties [line items] | |||
Revenue from related party transactions | $ 435 | $ 358 | $ 367 |
DERIVATIVE FINANCIAL INSTRUME_2
DERIVATIVE FINANCIAL INSTRUMENTS - Notional Amount of Derivative Positions (Details) oz in Thousands, cbm in Thousands, Mcf in Thousands | Dec. 31, 2018USD ($)Mcfcbmoz | Dec. 31, 2017USD ($)Mcfcbmoz |
Disclosure of detailed information about hedging instruments [line items] | ||
Notional amount (U.S. Dollars) | $ 9,915,000,000 | $ 1,243,000,000 |
Foreign exchange contracts | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional amount (U.S. Dollars) | 1,652,000,000 | 1,243,000,000 |
Interest rate swaps and cross currency swaps | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional amount (U.S. Dollars) | 2,982,000,000 | 0 |
Warrants | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional amount (U.S. Dollars) | 31,000,000 | 0 |
Option contracts | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional amount (U.S. Dollars) | $ 5,250,000,000 | $ 0 |
Commodity Swap Contract, Fuel | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Commodity instruments (in Cbm, Mcf, Oz) | cbm | 6,170 | 3,820 |
Commodity Swap Contract, Natural Gas | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Commodity instruments (in Cbm, Mcf, Oz) | Mcf | 8,220 | 36,810 |
Commodity Swap Contract, Palladium | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Commodity instruments (in Cbm, Mcf, Oz) | oz | 0 | 68 |
DERIVATIVE FINANCIAL INSTRUME_3
DERIVATIVE FINANCIAL INSTRUMENTS - Foreign Exchange Contracts (Details) | 12 Months Ended | |
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount (U.S. Dollars) | $ 9,915,000,000 | $ 1,243,000,000 |
Foreign exchange contracts | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount (U.S. Dollars) | 1,652,000,000 | 1,243,000,000 |
Foreign exchange contracts | Australian dollars | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount (U.S. Dollars) | $ 184,000,000 | $ 191,000,000 |
Average exchange rate | 0.75 | 0.76 |
Foreign exchange contracts | Brazilian real | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount (U.S. Dollars) | $ 35,000,000 | $ 0 |
Average exchange rate | 0.25 | 0 |
Foreign exchange contracts | British pounds | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount (U.S. Dollars) | $ 131,000,000 | $ 90,000,000 |
Average exchange rate | 1.29 | 1.33 |
Foreign exchange contracts | Canadian dollars | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount (U.S. Dollars) | $ 940,000,000 | $ 785,000,000 |
Average exchange rate | 0.76 | 0.78 |
Foreign exchange contracts | Chinese Yuan | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount (U.S. Dollars) | $ (15,000,000) | $ (11,000,000) |
Average exchange rate | 0.14 | 0.15 |
Foreign exchange contracts | Euros | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount (U.S. Dollars) | $ 44,000,000 | $ 35,000,000 |
Average exchange rate | 1.18 | 1.18 |
Foreign exchange contracts | Indian Rupees | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount (U.S. Dollars) | $ 188,000,000 | $ 154,000,000 |
Average exchange rate | 0.01 | 0.01 |
Foreign exchange contracts | Japanese Yen | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount (U.S. Dollars) | $ 4,000,000 | $ 3,000,000 |
Average exchange rate | 0.01 | 0.01 |
Foreign exchange contracts | Mexican Pesos | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount (U.S. Dollars) | $ (5,000,000) | $ (5,000,000) |
Average exchange rate | 0.05 | 0.05 |
Foreign exchange contracts | Norwegian Krone | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount (U.S. Dollars) | $ 53,000,000 | $ 0 |
Average exchange rate | 0.13 | 0 |
Foreign exchange contracts | South Africa Rand | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount (U.S. Dollars) | $ 3,000,000 | $ 1,000,000 |
Average exchange rate | 0.07 | 0.08 |
Foreign exchange contracts | Swedish Krona | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount (U.S. Dollars) | $ 94,000,000 | $ 0 |
Average exchange rate | 0.13 | 0 |
Foreign exchange contracts | Swiss Franc | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount (U.S. Dollars) | $ (4,000,000) | $ 0 |
Average exchange rate | 1 | 0 |
DERIVATIVE FINANCIAL INSTRUME_4
DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details) oz in Thousands, cbm in Thousands, Mcf in Thousands | Dec. 31, 2018USD ($)Mcfcbmoz | Dec. 31, 2017USD ($)Mcfcbmoz |
Disclosure of detailed information about hedging instruments [line items] | ||
Notional amount (U.S. Dollars) | $ 9,915,000,000 | $ 1,243,000,000 |
Option contracts | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional amount (U.S. Dollars) | 5,250,000,000 | |
Fair value of derivative contracts | 9,000,000 | |
Call option contracts | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Fair value of derivative contracts | 0 | 12,000,000 |
Put option contracts | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Fair value of derivative contracts | 0 | 10,000,000 |
Interest rate swaps and cross currency swaps | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional amount (U.S. Dollars) | 2,982,000,000 | 0 |
Warrants | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional amount (U.S. Dollars) | 31,000,000 | $ 0 |
Financial assets, at fair value | $ 13,000,000 | |
Commodity Swap Contract, Fuel | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Commodity instruments (in Cbm, Mcf, Oz) | cbm | 6,170 | 3,820 |
Commodity Swap Contract, Natural Gas | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Commodity instruments (in Cbm, Mcf, Oz) | Mcf | 8,220 | 36,810 |
Commodity Swap Contract, Palladium | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Commodity instruments (in Cbm, Mcf, Oz) | oz | 0 | 68 |
DERIVATIVE FINANCIAL INSTRUME_5
DERIVATIVE FINANCIAL INSTRUMENTS - Derivative Instruments by Term to Maturity (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | $ 9,915,000,000 | $ 1,243,000,000 |
Less than 1 year | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 8,316,000,000 | |
1 to 5 years | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 1,074,000,000 | |
Over 5 years | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 525,000,000 | |
Foreign exchange contracts | Elected for hedge accounting | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 1,337,000,000 | 957,000,000 |
Foreign exchange contracts | Less than 1 year | Elected for hedge accounting | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 1,152,000,000 | |
Foreign exchange contracts | 1 to 5 years | Elected for hedge accounting | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 185,000,000 | |
Foreign exchange contracts | Over 5 years | Elected for hedge accounting | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 0 | |
Interest rate and cross currency swaps | Elected for hedge accounting | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 1,500,000,000 | 0 |
Interest rate and cross currency swaps | Less than 1 year | Elected for hedge accounting | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 1,500,000,000 | |
Interest rate and cross currency swaps | 1 to 5 years | Elected for hedge accounting | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 0 | |
Interest rate and cross currency swaps | Over 5 years | Elected for hedge accounting | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 0 | |
Option contracts | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 5,250,000,000 | |
Option contracts | Elected for hedge accounting | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 5,250,000,000 | 0 |
Option contracts | Less than 1 year | Elected for hedge accounting | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 5,250,000,000 | |
Option contracts | 1 to 5 years | Elected for hedge accounting | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 0 | |
Option contracts | Over 5 years | Elected for hedge accounting | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 0 | |
Warrants | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 31,000,000 | 0 |
Warrants | Fair value through profit or loss | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 31,000,000 | 0 |
Warrants | Less than 1 year | Fair value through profit or loss | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 0 | |
Warrants | 1 to 5 years | Fair value through profit or loss | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 31,000,000 | |
Warrants | Over 5 years | Fair value through profit or loss | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 0 | |
Foreign exchange contracts | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 1,652,000,000 | 1,243,000,000 |
Foreign exchange contracts | Fair value through profit or loss | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 315,000,000 | 286,000,000 |
Foreign exchange contracts | Less than 1 year | Fair value through profit or loss | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 399,000,000 | |
Foreign exchange contracts | 1 to 5 years | Fair value through profit or loss | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | (84,000,000) | |
Foreign exchange contracts | Over 5 years | Fair value through profit or loss | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 0 | |
Interest rate and cross currency swaps | Fair value through profit or loss | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 1,482,000,000 | 0 |
Interest rate and cross currency swaps | Less than 1 year | Fair value through profit or loss | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 15,000,000 | |
Interest rate and cross currency swaps | 1 to 5 years | Fair value through profit or loss | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 942,000,000 | |
Interest rate and cross currency swaps | Over 5 years | Fair value through profit or loss | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | 525,000,000 | |
Option contracts | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount of derivative positions | $ 5,250,000,000 | $ 0 |
FINANCIAL RISK MANAGEMENT - Cap
FINANCIAL RISK MANAGEMENT - Capital Risk Management (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2018 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financial Instruments [Abstract] | |||||
Corporate borrowings | $ 0 | $ 0 | |||
Non-recourse subsidiary borrowings | 10,866 | 3,265 | |||
Cash | (1,949) | (1,106) | $ (1,050) | $ (354) | |
Net debt | 8,917 | 2,159 | |||
Total equity | 6,494 | 6,064 | $ 5,789 | $ 4,038 | $ 3,084 |
Total capital and net debt | $ 15,411 | $ 8,223 | |||
Net debt to capitalization ratio | 58.00% | 26.00% |
FINANCIAL RISK MANAGEMENT - Mat
FINANCIAL RISK MANAGEMENT - Maturity Analysis of Financial Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Accounts payable and other liabilities | $ 7,638 | $ 5,230 |
Interest-bearing liabilities | 13,622 | 3,285 |
Finance lease liabilities | 60 | 17 |
Decommissioning liabilities, other provisions and post-employment benefits | 1,321 | 285 |
Lease liabilities | 61 | 17 |
Loans and notes payable | 62 | 106 |
Less than 1 year | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Accounts payable and other liabilities | 6,863 | 4,677 |
Interest-bearing liabilities | 2,370 | 825 |
Finance lease liabilities | 12 | 11 |
1-2 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Accounts payable and other liabilities | 364 | 280 |
Interest-bearing liabilities | 1,517 | 801 |
Finance lease liabilities | 7 | 4 |
2-5 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Accounts payable and other liabilities | 219 | 155 |
Interest-bearing liabilities | 3,829 | 1,075 |
Finance lease liabilities | 25 | 2 |
Over 5 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Accounts payable and other liabilities | 192 | 118 |
Interest-bearing liabilities | 5,906 | 584 |
Finance lease liabilities | $ 16 | $ 0 |
FINANCIAL RISK MANAGEMENT - Nar
FINANCIAL RISK MANAGEMENT - Narrative (Details) - Market risk - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Marketable securities | $ 546 | $ 461 |
Impact of 10% change in value of investments on Equity | 55 | 46 |
Impact of 10% change in value of investments on Comprehensive Income | $ 55 | $ 46 |
FINANCIAL RISK MANAGEMENT - Cur
FINANCIAL RISK MANAGEMENT - Currency Exposure (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Assets | ||
Current assets | $ 9,781 | $ 6,433 |
Non-current assets | 17,537 | 9,371 |
Total assets | 27,318 | 15,804 |
Liabilities | ||
Current liabilities | 9,016 | 5,690 |
Non-current liabilities | 11,808 | 4,050 |
Total liabilities | 20,824 | 9,740 |
Non-controlling interest | 3,531 | 3,026 |
Net investment to the partnership | 2,963 | 3,038 |
USD | ||
Assets | ||
Current assets | 3,636 | 1,482 |
Non-current assets | 9,414 | 1,655 |
Total assets | 13,050 | 3,137 |
Liabilities | ||
Current liabilities | 2,886 | 817 |
Non-current liabilities | 8,571 | 816 |
Total liabilities | 11,457 | 1,633 |
Non-controlling interest | 1,060 | 430 |
Net investment to the partnership | 533 | 1,074 |
AUD | ||
Assets | ||
Current assets | 402 | 497 |
Non-current assets | 733 | 817 |
Total assets | 1,135 | 1,314 |
Liabilities | ||
Current liabilities | 551 | 594 |
Non-current liabilities | 123 | 78 |
Total liabilities | 674 | 672 |
Non-controlling interest | 52 | 101 |
Net investment to the partnership | 409 | 541 |
GBP | ||
Assets | ||
Current assets | 2,197 | 1,871 |
Non-current assets | 819 | 512 |
Total assets | 3,016 | 2,383 |
Liabilities | ||
Current liabilities | 2,514 | 2,108 |
Non-current liabilities | 189 | 143 |
Total liabilities | 2,703 | 2,251 |
Non-controlling interest | 171 | 4 |
Net investment to the partnership | 142 | 128 |
CAD | ||
Assets | ||
Current assets | 1,186 | 1,232 |
Non-current assets | 1,997 | 2,329 |
Total assets | 3,183 | 3,561 |
Liabilities | ||
Current liabilities | 1,232 | 1,294 |
Non-current liabilities | 516 | 743 |
Total liabilities | 1,748 | 2,037 |
Non-controlling interest | 750 | 897 |
Net investment to the partnership | 685 | 627 |
EUR | ||
Assets | ||
Current assets | 658 | 142 |
Non-current assets | 993 | 204 |
Total assets | 1,651 | 346 |
Liabilities | ||
Current liabilities | 592 | 81 |
Non-current liabilities | 505 | 28 |
Total liabilities | 1,097 | 109 |
Non-controlling interest | 383 | 134 |
Net investment to the partnership | 171 | 103 |
BRL | ||
Assets | ||
Current assets | 480 | 487 |
Non-current assets | 3,065 | 3,535 |
Total assets | 3,545 | 4,022 |
Liabilities | ||
Current liabilities | 314 | 306 |
Non-current liabilities | 1,824 | 2,096 |
Total liabilities | 2,138 | 2,402 |
Non-controlling interest | 1,052 | 1,250 |
Net investment to the partnership | 355 | 370 |
Other | ||
Assets | ||
Current assets | 1,222 | 722 |
Non-current assets | 516 | 319 |
Total assets | 1,738 | 1,041 |
Liabilities | ||
Current liabilities | 927 | 490 |
Non-current liabilities | 80 | 146 |
Total liabilities | 1,007 | 636 |
Non-controlling interest | 63 | 210 |
Net investment to the partnership | $ 668 | $ 195 |
FINANCIAL RISK MANAGEMENT - Sen
FINANCIAL RISK MANAGEMENT - Sensitivity Analysis for Foreign Currency Risk (Details) - Foreign currency risk - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
AUD | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
OCI attributable to unitholders | $ (36) | $ (88) | $ (55) |
Net income attributable to unitholders | 0 | 0 | 0 |
CAD | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
OCI attributable to unitholders | (12) | (37) | (50) |
Net income attributable to unitholders | 3 | 0 | 0 |
Brazilian real | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
OCI attributable to unitholders | (35) | (33) | |
Net income attributable to unitholders | 4 | 0 | |
Other | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
OCI attributable to unitholders | (19) | (9) | (3) |
Net income attributable to unitholders | $ 5 | $ (20) | $ 1 |
SEGMENT INFORMATION - Income St
SEGMENT INFORMATION - Income Statement Captions by Segment (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of operating segments [line items] | |||
Revenues | $ 37,168,000,000 | $ 22,823,000,000 | $ 7,960,000,000 |
Direct operating costs | (34,134,000,000) | (21,876,000,000) | (7,386,000,000) |
General and administrative expenses | (643,000,000) | (340,000,000) | (269,000,000) |
Equity accounted Company EBITDA | 196,000,000 | 108,000,000 | 167,000,000 |
Company EBITDA attributable to others | (1,744,000,000) | (475,000,000) | (232,000,000) |
Company EBITDA | 843,000,000 | 240,000,000 | 240,000,000 |
Realized disposition gain/(loss), less portion recorded in prior periods, net | 250,000,000 | 244,000,000 | 57,000,000 |
Other income (expense), net | (18,000,000) | ||
Interest income (expense), net | (498,000,000) | (202,000,000) | (90,000,000) |
Realized disposition gain, current income taxes and interest expenses related to equity accounted investments | (54,000,000) | (17,000,000) | (9,000,000) |
Current income taxes | (186,000,000) | (30,000,000) | (25,000,000) |
Company FFO attributable to others (net of Company EBITDA attributable to others) | 396,000,000 | 17,000,000 | 27,000,000 |
Company FFO | 733,000,000 | 252,000,000 | 200,000,000 |
Depreciation and amortization expense | (748,000,000) | (371,000,000) | (286,000,000) |
Gain on acquisition/disposition | 250,000,000 | 23,000,000 | |
Impairment expense, net | (218,000,000) | (39,000,000) | (261,000,000) |
Other income (expense), net | (118,000,000) | (108,000,000) | (11,000,000) |
Deferred income taxes | 88,000,000 | 22,000,000 | 41,000,000 |
Non-cash items attributable to equity accounted investments | (132,000,000) | (22,000,000) | (90,000,000) |
Non-cash items attributable to others | 567,000,000 | 267,000,000 | 378,000,000 |
Profit (loss), attributable to ordinary equity holders of parent entity | 422,000,000 | 24,000,000 | (29,000,000) |
Equity accounted income, net | 10,000,000 | 69,000,000 | 68,000,000 |
Interest of others in operating subsidiaries | 781,000,000 | 191,000,000 | (173,000,000) |
Business services | |||
Disclosure of operating segments [line items] | |||
Revenues | 30,847,000,000 | 20,874,000,000 | 6,393,000,000 |
Direct operating costs | (30,351,000,000) | (20,448,000,000) | (6,053,000,000) |
General and administrative expenses | (278,000,000) | (182,000,000) | (146,000,000) |
Equity accounted Company EBITDA | 34,000,000 | 28,000,000 | 23,000,000 |
Company EBITDA attributable to others | (124,000,000) | (169,000,000) | (44,000,000) |
Company EBITDA | 128,000,000 | 103,000,000 | 173,000,000 |
Realized disposition gain/(loss), less portion recorded in prior periods, net | 55,000,000 | 19,000,000 | 0 |
Other income (expense), net | 0 | ||
Interest income (expense), net | (66,000,000) | (47,000,000) | (15,000,000) |
Realized disposition gain, current income taxes and interest expenses related to equity accounted investments | (3,000,000) | 0 | 0 |
Current income taxes | (44,000,000) | (16,000,000) | (20,000,000) |
Company FFO attributable to others (net of Company EBITDA attributable to others) | 61,000,000 | 33,000,000 | 10,000,000 |
Company FFO | 131,000,000 | 92,000,000 | 148,000,000 |
Depreciation and amortization expense | (135,000,000) | (99,000,000) | (52,000,000) |
Business services | Road Fuel Distribution and Marketing | |||
Disclosure of operating segments [line items] | |||
Revenues | 23,794,000,000 | 13,842,000,000 | |
Business services | Construction Services | |||
Disclosure of operating segments [line items] | |||
Revenues | 4,545,000,000 | 4,650,000,000 | 4,387,000,000 |
Business services | Facilities Management | |||
Disclosure of operating segments [line items] | |||
Revenues | 1,925,000,000 | 1,775,000,000 | 1,294,000,000 |
Business services | Logistics | |||
Disclosure of operating segments [line items] | |||
Revenues | 425,000,000 | 447,000,000 | |
Business services | Residential Real Estate Services | |||
Disclosure of operating segments [line items] | |||
Revenues | 105,000,000 | 108,000,000 | 619,000,000 |
Business services | Financial Advisory | |||
Disclosure of operating segments [line items] | |||
Revenues | 32,000,000 | 32,000,000 | 64,000,000 |
Business services | Other | |||
Disclosure of operating segments [line items] | |||
Revenues | 21,000,000 | 20,000,000 | 29,000,000 |
Infrastructure services | |||
Disclosure of operating segments [line items] | |||
Revenues | 2,418,000,000 | 3,000,000 | 0 |
Direct operating costs | (1,715,000,000) | 0 | 0 |
General and administrative expenses | (65,000,000) | 0 | 0 |
Equity accounted Company EBITDA | 120,000,000 | 31,000,000 | 0 |
Company EBITDA attributable to others | (463,000,000) | 0 | 0 |
Company EBITDA | 295,000,000 | 34,000,000 | 0 |
Realized disposition gain/(loss), less portion recorded in prior periods, net | 0 | 0 | 0 |
Other income (expense), net | (15,000,000) | ||
Interest income (expense), net | (176,000,000) | 0 | 0 |
Realized disposition gain, current income taxes and interest expenses related to equity accounted investments | (41,000,000) | (13,000,000) | 0 |
Current income taxes | (10,000,000) | 0 | 0 |
Company FFO attributable to others (net of Company EBITDA attributable to others) | 142,000,000 | 0 | 0 |
Company FFO | 195,000,000 | 21,000,000 | 0 |
Depreciation and amortization expense | (309,000,000) | 0 | |
Industrial operations | |||
Disclosure of operating segments [line items] | |||
Revenues | 3,896,000,000 | 1,939,000,000 | 1,566,000,000 |
Direct operating costs | (2,060,000,000) | (1,425,000,000) | (1,333,000,000) |
General and administrative expenses | (231,000,000) | (113,000,000) | (106,000,000) |
Equity accounted Company EBITDA | 42,000,000 | 49,000,000 | 144,000,000 |
Company EBITDA attributable to others | (1,157,000,000) | (306,000,000) | (188,000,000) |
Company EBITDA | 490,000,000 | 144,000,000 | 83,000,000 |
Realized disposition gain/(loss), less portion recorded in prior periods, net | 195,000,000 | 225,000,000 | 57,000,000 |
Other income (expense), net | (3,000,000) | ||
Interest income (expense), net | (263,000,000) | (154,000,000) | (74,000,000) |
Realized disposition gain, current income taxes and interest expenses related to equity accounted investments | (10,000,000) | (4,000,000) | (9,000,000) |
Current income taxes | (132,000,000) | (32,000,000) | (5,000,000) |
Company FFO attributable to others (net of Company EBITDA attributable to others) | 193,000,000 | (16,000,000) | 17,000,000 |
Company FFO | 470,000,000 | 163,000,000 | 69,000,000 |
Depreciation and amortization expense | (304,000,000) | (272,000,000) | (234,000,000) |
Corporate and Other | |||
Disclosure of operating segments [line items] | |||
Revenues | 7,000,000 | 7,000,000 | 1,000,000 |
Direct operating costs | (8,000,000) | (3,000,000) | 0 |
General and administrative expenses | (69,000,000) | (45,000,000) | (17,000,000) |
Equity accounted Company EBITDA | 0 | 0 | 0 |
Company EBITDA attributable to others | 0 | 0 | 0 |
Company EBITDA | (70,000,000) | (41,000,000) | (16,000,000) |
Realized disposition gain/(loss), less portion recorded in prior periods, net | 0 | 0 | 0 |
Other income (expense), net | 0 | ||
Interest income (expense), net | 7,000,000 | (1,000,000) | (1,000,000) |
Realized disposition gain, current income taxes and interest expenses related to equity accounted investments | 0 | 0 | 0 |
Current income taxes | 0 | 18,000,000 | 0 |
Company FFO attributable to others (net of Company EBITDA attributable to others) | 0 | 0 | 0 |
Company FFO | (63,000,000) | (24,000,000) | (17,000,000) |
Depreciation and amortization expense | $ 0 | $ 0 | $ 0 |
SEGMENT INFORMATION - Assets by
SEGMENT INFORMATION - Assets by Segment (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of operating segments [line items] | ||
Total assets | $ 27,318 | $ 15,804 |
Business services | ||
Disclosure of operating segments [line items] | ||
Total assets | 7,613 | 7,899 |
Infrastructure services | ||
Disclosure of operating segments [line items] | ||
Total assets | 11,640 | 306 |
Industrial operations | ||
Disclosure of operating segments [line items] | ||
Total assets | 7,650 | 7,204 |
Corporate and Other | ||
Disclosure of operating segments [line items] | ||
Total assets | $ 415 | $ 395 |
SEGMENT INFORMATION - Revenue f
SEGMENT INFORMATION - Revenue from External Customers (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of geographical areas [line items] | |||
Revenues | $ 37,168 | $ 22,823 | $ 7,960 |
Business services | |||
Disclosure of geographical areas [line items] | |||
Revenues | $ 30,847 | 20,874 | 6,393 |
Business services | Customer Concentration Risk | Sales Revenue, Net | Bottom of range | |||
Disclosure of geographical areas [line items] | |||
Concentration risk, percentage | 10.00% | ||
Business services | Customer One | Customer Concentration Risk | Sales Revenue, Net | |||
Disclosure of geographical areas [line items] | |||
Revenues | $ 5,316 | 3,052 | |
Business services | Customer Two | Customer Concentration Risk | Sales Revenue, Net | |||
Disclosure of geographical areas [line items] | |||
Revenues | 3,818 | 2,712 | |
United Kingdom | |||
Disclosure of geographical areas [line items] | |||
Revenues | 21,983 | 13,637 | 1,451 |
Canada | |||
Disclosure of geographical areas [line items] | |||
Revenues | 4,691 | 3,273 | 1,954 |
Australia | |||
Disclosure of geographical areas [line items] | |||
Revenues | 2,961 | 2,884 | 2,502 |
Brazil | |||
Disclosure of geographical areas [line items] | |||
Revenues | 1,736 | 1,252 | 52 |
United States of America | |||
Disclosure of geographical areas [line items] | |||
Revenues | 1,772 | 655 | 927 |
Middle East | |||
Disclosure of geographical areas [line items] | |||
Revenues | 443 | 593 | 732 |
Europe | |||
Disclosure of geographical areas [line items] | |||
Revenues | 2,909 | 411 | 251 |
Other | |||
Disclosure of geographical areas [line items] | |||
Revenues | $ 673 | $ 118 | $ 91 |
SEGMENT INFORMATION - Timing of
SEGMENT INFORMATION - Timing of Revenue Recognition (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total IFRS 15 revenue | $ 37,092 | ||
Other non IFRS 15 revenue | 76 | ||
Revenues | 37,168 | $ 22,823 | $ 7,960 |
Goods/services provided at a point in time | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total IFRS 15 revenue | 28,827 | ||
Services transferred over a period of time | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total IFRS 15 revenue | 8,265 | ||
Business services | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total IFRS 15 revenue | 30,814 | ||
Other non IFRS 15 revenue | 33 | ||
Revenues | 30,847 | 20,874 | 6,393 |
Business services | Goods/services provided at a point in time | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total IFRS 15 revenue | 24,296 | ||
Business services | Services transferred over a period of time | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total IFRS 15 revenue | 6,518 | ||
Infrastructure services | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total IFRS 15 revenue | 2,413 | ||
Other non IFRS 15 revenue | 5 | ||
Revenues | 2,418 | 3 | 0 |
Infrastructure services | Goods/services provided at a point in time | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total IFRS 15 revenue | 944 | ||
Infrastructure services | Services transferred over a period of time | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total IFRS 15 revenue | 1,469 | ||
Industrial operations | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total IFRS 15 revenue | 3,865 | ||
Other non IFRS 15 revenue | 31 | ||
Revenues | 3,896 | 1,939 | 1,566 |
Industrial operations | Goods/services provided at a point in time | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total IFRS 15 revenue | 3,587 | ||
Industrial operations | Services transferred over a period of time | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total IFRS 15 revenue | 278 | ||
Corporate and Other | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total IFRS 15 revenue | 0 | ||
Other non IFRS 15 revenue | 7 | ||
Revenues | 7 | $ 7 | $ 1 |
Corporate and Other | Goods/services provided at a point in time | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total IFRS 15 revenue | 0 | ||
Corporate and Other | Services transferred over a period of time | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total IFRS 15 revenue | $ 0 |
SEGMENT INFORMATION - Revenue b
SEGMENT INFORMATION - Revenue by Geography (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | $ 37,092 |
Other non IFRS 15 revenue | 76 |
United Kingdom | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | 21,974 |
Other non IFRS 15 revenue | 9 |
Canada | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | 4,673 |
Other non IFRS 15 revenue | 18 |
Australia | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | 2,945 |
Other non IFRS 15 revenue | 16 |
Brazil | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | 1,722 |
Other non IFRS 15 revenue | 14 |
United States of America | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | 1,767 |
Other non IFRS 15 revenue | 5 |
Middle East | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | 445 |
Other non IFRS 15 revenue | (2) |
Europe | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | 2,905 |
Other non IFRS 15 revenue | 4 |
Other | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | 660 |
Other non IFRS 15 revenue | 13 |
Business services | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | 30,814 |
Other non IFRS 15 revenue | 33 |
Business services | United Kingdom | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | 21,757 |
Business services | Canada | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | 3,786 |
Business services | Australia | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | 2,936 |
Business services | Brazil | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | 679 |
Business services | United States of America | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | 478 |
Business services | Middle East | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | 435 |
Business services | Europe | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | 704 |
Business services | Other | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | 39 |
Infrastructure services | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | 2,413 |
Other non IFRS 15 revenue | 5 |
Infrastructure services | United Kingdom | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | 119 |
Infrastructure services | Canada | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | 57 |
Infrastructure services | Australia | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | 9 |
Infrastructure services | Brazil | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | 142 |
Infrastructure services | United States of America | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | 802 |
Infrastructure services | Middle East | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | 3 |
Infrastructure services | Europe | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | 901 |
Infrastructure services | Other | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | 380 |
Industrial operations | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | 3,865 |
Other non IFRS 15 revenue | 31 |
Industrial operations | United Kingdom | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | 99 |
Industrial operations | Canada | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | 830 |
Industrial operations | Australia | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | 0 |
Industrial operations | Brazil | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | 901 |
Industrial operations | United States of America | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | 487 |
Industrial operations | Middle East | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | 7 |
Industrial operations | Europe | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | 1,300 |
Industrial operations | Other | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | 241 |
Corporate and Other | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | 0 |
Other non IFRS 15 revenue | 7 |
Corporate and Other | United Kingdom | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | 0 |
Corporate and Other | Canada | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | 0 |
Corporate and Other | Australia | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | 0 |
Corporate and Other | Brazil | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | 0 |
Corporate and Other | United States of America | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | 0 |
Corporate and Other | Middle East | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | 0 |
Corporate and Other | Europe | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | 0 |
Corporate and Other | Other | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Total IFRS 15 revenue | $ 0 |
SEGMENT INFORMATION - Noncurren
SEGMENT INFORMATION - Noncurrent Assets by Geographic Region (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of geographical areas [line items] | ||
Non-current assets | $ 17,537 | $ 9,371 |
United Kingdom | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 2,032 | 918 |
Canada | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 2,403 | 2,355 |
Australia | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 746 | 909 |
Brazil | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 4,205 | 3,545 |
United States of America | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 3,823 | 471 |
Middle East | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 108 | 138 |
Europe | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 3,765 | 401 |
Other | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | $ 455 | $ 634 |
SUPPLEMENTAL CASH FLOW INFORM_3
SUPPLEMENTAL CASH FLOW INFORMATION - Interest and Income Taxes Paid (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash Flow Statement [Abstract] | |||
Interest paid | $ 456 | $ 103 | $ 74 |
Income taxes paid | $ 112 | $ 41 | $ 9 |
SUPPLEMENTAL CASH FLOW INFORM_4
SUPPLEMENTAL CASH FLOW INFORMATION - Non-cash Working Capital (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash Flow Statement [Abstract] | |||
Accounts receivable | $ (11) | $ (520) | $ (55) |
Inventory | 153 | (259) | 60 |
Prepayments and other | (89) | 185 | (123) |
Accounts payable and other | (322) | 143 | 127 |
Changes in non-cash working capital, net | $ (269) | $ (451) | $ 9 |
SUPPLEMENTAL CASH FLOW INFORM_5
SUPPLEMENTAL CASH FLOW INFORMATION - Changes in Liabilities arising from Financing Activities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of reconciliation of liabilities arising from financing activities [abstract] | ||
Balance at January 1, | $ 3,265 | $ 1,551 |
Cash flows | 4,568 | 349 |
Non-cash changes: | ||
Acquisitions / (Disposition) of subsidiaries | 3,258 | 1,386 |
Foreign currency translation | (299) | (7) |
Fair value | 43 | 0 |
Other changes | 31 | (14) |
Balance at December 31, | $ 10,866 | $ 3,265 |
POST-EMPLOYMENT BENEFITS - Chan
POST-EMPLOYMENT BENEFITS - Change in Defined Benefit Obligation and Fair Value of Plan Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Defined benefit pension plan | ||
Changes in net defined benefit liability (asset) [abstract] | ||
Net defined benefit liability (asset) - beginning balance | $ 38 | |
Service cost | 11 | $ 1 |
Interest cost (income) | 6 | 2 |
Actuarial gain due to financial assumption changes | (39) | 6 |
Actuarial gain due to demographic assumption changes | (4) | (1) |
Actuarial experience adjustments | 2 | (1) |
Return on plan assets (excluding interest income) | 113 | (7) |
Administrative expenses paid from plan assets | 7 | 1 |
Net defined benefit liability (asset) - ending balance | 495 | 38 |
Defined benefit pension plan | Defined benefit obligation | ||
Changes in net defined benefit liability (asset) [abstract] | ||
Net defined benefit liability (asset) - beginning balance | 164 | 162 |
At acquisition | 1,923 | 0 |
Service cost | 10 | 1 |
Interest cost (income) | 35 | 6 |
Foreign currency exchange changes | (12) | 0 |
Actuarial gain due to financial assumption changes | (39) | 6 |
Actuarial gain due to demographic assumption changes | (3) | (1) |
Actuarial experience adjustments | 2 | (1) |
Participant contributions | 1 | 0 |
Insurance premiums for risk benefits | (2) | 0 |
Benefits paid from plan assets | (36) | 0 |
Benefits paid from employer | (6) | (9) |
Net defined benefit liability (asset) - ending balance | 2,037 | 164 |
Defined benefit pension plan | Fair value of plan assets | ||
Changes in net defined benefit liability (asset) [abstract] | ||
Net defined benefit liability (asset) - beginning balance | (126) | (116) |
At acquisition | (1,438) | 0 |
Interest cost (income) | (29) | (4) |
Foreign currency exchange changes | 10 | 0 |
Return on plan assets (excluding interest income) | 112 | (9) |
Employer contributions | (118) | (7) |
Participant contributions | (2) | |
Insurance premiums for risk benefits | 1 | 0 |
Employer direct settlements | (1) | 0 |
Benefits paid from plan assets | 41 | 8 |
Benefits paid from employer | 1 | 1 |
Administrative expenses paid from plan assets | 7 | 1 |
Net defined benefit liability (asset) - ending balance | (1,542) | (126) |
Post-retirement plan | ||
Changes in net defined benefit liability (asset) [abstract] | ||
Net defined benefit liability (asset) - beginning balance | 28 | |
Service cost | 0 | 0 |
Interest cost (income) | 2 | 1 |
Actuarial gain due to financial assumption changes | (2) | 0 |
Actuarial gain due to demographic assumption changes | 0 | 0 |
Actuarial experience adjustments | 0 | (2) |
Return on plan assets (excluding interest income) | 0 | 0 |
Administrative expenses paid from plan assets | 0 | 0 |
Net defined benefit liability (asset) - ending balance | 68 | 28 |
Post-retirement plan | Defined benefit obligation | ||
Changes in net defined benefit liability (asset) [abstract] | ||
Net defined benefit liability (asset) - beginning balance | 28 | 29 |
At acquisition | 45 | 0 |
Service cost | 1 | 0 |
Interest cost (income) | 2 | 1 |
Foreign currency exchange changes | (2) | (1) |
Actuarial gain due to financial assumption changes | (2) | 0 |
Actuarial gain due to demographic assumption changes | 0 | 0 |
Actuarial experience adjustments | 0 | (2) |
Participant contributions | 1 | 0 |
Insurance premiums for risk benefits | 0 | 0 |
Benefits paid from plan assets | (1) | 0 |
Benefits paid from employer | (4) | 1 |
Net defined benefit liability (asset) - ending balance | 68 | 28 |
Post-retirement plan | Fair value of plan assets | ||
Changes in net defined benefit liability (asset) [abstract] | ||
Net defined benefit liability (asset) - beginning balance | 0 | 0 |
At acquisition | 0 | 0 |
Interest cost (income) | 0 | 0 |
Foreign currency exchange changes | 0 | 0 |
Return on plan assets (excluding interest income) | 0 | 0 |
Employer contributions | (1) | 0 |
Participant contributions | (1) | 0 |
Insurance premiums for risk benefits | 0 | 0 |
Employer direct settlements | 1 | (2) |
Benefits paid from plan assets | 2 | 0 |
Benefits paid from employer | (1) | 2 |
Administrative expenses paid from plan assets | 0 | 0 |
Net defined benefit liability (asset) - ending balance | $ 0 | $ 0 |
POST-EMPLOYMENT BENEFITS - Bene
POST-EMPLOYMENT BENEFITS - Benefit Obligation and Plan Assets by Geographic Location (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Defined benefit pension plan | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | $ 495 | $ 38 | |
Defined benefit pension plan | United States | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 362 | 30 | |
Defined benefit pension plan | Canada | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 1 | 1 | |
Defined benefit pension plan | Other | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 132 | 7 | |
Defined benefit pension plan | Defined benefit obligation | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 2,037 | 164 | $ 162 |
Defined benefit pension plan | Defined benefit obligation | United States | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 1,573 | 140 | |
Defined benefit pension plan | Defined benefit obligation | Canada | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 4 | 4 | |
Defined benefit pension plan | Defined benefit obligation | Other | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 460 | 20 | |
Defined benefit pension plan | Fair value of plan assets | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | (1,542) | (126) | (116) |
Defined benefit pension plan | Fair value of plan assets | United States | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | (1,211) | (110) | |
Defined benefit pension plan | Fair value of plan assets | Canada | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | (3) | (3) | |
Defined benefit pension plan | Fair value of plan assets | Other | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | (328) | (13) | |
Post-retirement plan | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 68 | 28 | |
Post-retirement plan | United States | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 49 | 9 | |
Post-retirement plan | Canada | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 12 | 13 | |
Post-retirement plan | Other | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 7 | 6 | |
Post-retirement plan | Defined benefit obligation | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 68 | 28 | 29 |
Post-retirement plan | Defined benefit obligation | United States | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 49 | 9 | |
Post-retirement plan | Defined benefit obligation | Canada | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 12 | 13 | |
Post-retirement plan | Defined benefit obligation | Other | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 7 | 6 | |
Post-retirement plan | Fair value of plan assets | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | $ 0 | $ 0 | $ 0 |
POST-EMPLOYMENT BENEFITS - Amou
POST-EMPLOYMENT BENEFITS - Amounts Recognized in Profit and Loss or Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Defined benefit pension plan | ||
Disclosure of defined benefit plans [line items] | ||
Current service cost | $ 11 | $ 1 |
Net interest expense | 6 | 2 |
Administrative expense | 7 | 1 |
Total expense recognized in profit and loss | 24 | 4 |
Amounts recognized in other comprehensive income | ||
Return on plan assets (excluding amounts included in net interest expense) | 113 | (7) |
Actuarial gains and losses arising from changes in demographic assumptions | (4) | (1) |
Actuarial gains and losses arising from changes in financial assumptions | (39) | 6 |
Actuarial gains and losses arising from experience adjustments | 2 | (1) |
Total expense (gain) recognized in other comprehensive income | 72 | (3) |
Total expense (gain) recognized in comprehensive income | 96 | 1 |
Post-retirement plan | ||
Disclosure of defined benefit plans [line items] | ||
Current service cost | 0 | 0 |
Net interest expense | 2 | 1 |
Administrative expense | 0 | 0 |
Total expense recognized in profit and loss | 2 | 1 |
Amounts recognized in other comprehensive income | ||
Return on plan assets (excluding amounts included in net interest expense) | 0 | 0 |
Actuarial gains and losses arising from changes in demographic assumptions | 0 | 0 |
Actuarial gains and losses arising from changes in financial assumptions | (2) | 0 |
Actuarial gains and losses arising from experience adjustments | 0 | (2) |
Total expense (gain) recognized in other comprehensive income | (2) | (2) |
Total expense (gain) recognized in comprehensive income | $ 0 | $ (1) |
POST-EMPLOYMENT BENEFITS - Fair
POST-EMPLOYMENT BENEFITS - Fair Value of Plan Assets (Details) $ in Millions | Dec. 31, 2018USD ($) |
Disclosure of fair value of plan assets [line items] | |
Cash and cash equivalents | $ 14 |
Equity instruments | 665 |
Debt instruments | 831 |
Real Estate | 8 |
Fixed insurance contracts | 24 |
Total plan assets | 1,542 |
Level 1 | |
Disclosure of fair value of plan assets [line items] | |
Cash and cash equivalents | 13 |
Equity instruments | 567 |
Debt instruments | 440 |
Real Estate | 0 |
Fixed insurance contracts | 0 |
Total plan assets | 1,020 |
Level 2 | |
Disclosure of fair value of plan assets [line items] | |
Cash and cash equivalents | 1 |
Equity instruments | 98 |
Debt instruments | 264 |
Real Estate | 8 |
Fixed insurance contracts | 10 |
Total plan assets | 381 |
Level 3 | |
Disclosure of fair value of plan assets [line items] | |
Cash and cash equivalents | 0 |
Equity instruments | 0 |
Debt instruments | 127 |
Real Estate | 0 |
Fixed insurance contracts | 14 |
Total plan assets | $ 141 |
POST-EMPLOYMENT BENEFITS - Sign
POST-EMPLOYMENT BENEFITS - Significant Assumptions (Details) | Dec. 31, 2018 |
Defined benefit pension plan | Bottom of range | |
Disclosure of defined benefit plans [line items] | |
Discount rate | 1.70% |
Rate of compensation increase | 1.70% |
Defined benefit pension plan | Top of range | |
Disclosure of defined benefit plans [line items] | |
Discount rate | 3.90% |
Rate of compensation increase | 2.60% |
Post-retirement plan | Bottom of range | |
Disclosure of defined benefit plans [line items] | |
Discount rate | 3.90% |
Immediate trend rate | 4.00% |
Ultimate trend rate | 4.00% |
Post-retirement plan | Top of range | |
Disclosure of defined benefit plans [line items] | |
Discount rate | 5.60% |
Immediate trend rate | 8.00% |
Ultimate trend rate | 6.10% |
POST-EMPLOYMENT BENEFITS - Sens
POST-EMPLOYMENT BENEFITS - Sensitivity Analysis of Assumptions (Details) $ in Millions | Dec. 31, 2018USD ($) |
Defined benefit pension plan | Discount rate | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Increase in actuarial assumption, Impact on Liability | $ (138) |
Decrease in actuarial assumption, Impact on Liability | $ 151 |
Defined benefit pension plan | Discount rate | Bottom of range | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Percentage increase | 0.25% |
Percentage decrease | 0.25% |
Defined benefit pension plan | Discount rate | Top of range | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Percentage increase | 1.00% |
Percentage decrease | 1.00% |
Defined benefit pension plan | Rate of compensation increase | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Increase in actuarial assumption, Impact on Liability | $ 14 |
Decrease in actuarial assumption, Impact on Liability | $ (15) |
Defined benefit pension plan | Rate of compensation increase | Bottom of range | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Percentage increase | 0.30% |
Percentage decrease | 0.25% |
Defined benefit pension plan | Rate of compensation increase | Top of range | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Percentage increase | 0.70% |
Percentage decrease | 0.70% |
Post-retirement plan | Discount rate | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Increase in actuarial assumption, Impact on Liability | $ (3) |
Decrease in actuarial assumption, Impact on Liability | $ 3 |
Post-retirement plan | Discount rate | Bottom of range | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Percentage increase | 0.25% |
Percentage decrease | 0.25% |
Post-retirement plan | Discount rate | Top of range | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Percentage increase | 1.00% |
Percentage decrease | 1.00% |
Post-retirement plan | Health care cost trend rates | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Increase in actuarial assumption, Impact on Liability | $ 1 |
Decrease in actuarial assumption, Impact on Liability | $ (1) |
Post-retirement plan | Health care cost trend rates | Bottom of range | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Percentage increase | 0.50% |
Percentage decrease | 0.50% |
Post-retirement plan | Health care cost trend rates | Top of range | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Percentage increase | 1.00% |
Percentage decrease | 1.00% |
POST-EMPLOYMENT BENEFITS - Summ
POST-EMPLOYMENT BENEFITS - Summary of Future Planned Benefit Payments (Details) $ in Millions | Dec. 31, 2018USD ($) |
Defined benefit pension plan | |
Disclosure of defined benefit plans [line items] | |
Future planned benefit payments | $ 959 |
Defined benefit pension plan | 2019 | |
Disclosure of defined benefit plans [line items] | |
Future planned benefit payments | 79 |
Defined benefit pension plan | 2020 | |
Disclosure of defined benefit plans [line items] | |
Future planned benefit payments | 83 |
Defined benefit pension plan | 2021 | |
Disclosure of defined benefit plans [line items] | |
Future planned benefit payments | 90 |
Defined benefit pension plan | 2022 | |
Disclosure of defined benefit plans [line items] | |
Future planned benefit payments | 92 |
Defined benefit pension plan | 2023 | |
Disclosure of defined benefit plans [line items] | |
Future planned benefit payments | 95 |
Defined benefit pension plan | Thereafter | |
Disclosure of defined benefit plans [line items] | |
Future planned benefit payments | 520 |
Post-retirement plan | |
Disclosure of defined benefit plans [line items] | |
Future planned benefit payments | 47 |
Post-retirement plan | 2019 | |
Disclosure of defined benefit plans [line items] | |
Future planned benefit payments | 5 |
Post-retirement plan | 2020 | |
Disclosure of defined benefit plans [line items] | |
Future planned benefit payments | 5 |
Post-retirement plan | 2021 | |
Disclosure of defined benefit plans [line items] | |
Future planned benefit payments | 5 |
Post-retirement plan | 2022 | |
Disclosure of defined benefit plans [line items] | |
Future planned benefit payments | 5 |
Post-retirement plan | 2023 | |
Disclosure of defined benefit plans [line items] | |
Future planned benefit payments | 5 |
Post-retirement plan | Thereafter | |
Disclosure of defined benefit plans [line items] | |
Future planned benefit payments | $ 22 |
SUBSEQUENT EVENTS - Normal Cour
SUBSEQUENT EVENTS - Normal Course Issuer Bid (Details) - shares | 2 Months Ended | |||
Mar. 08, 2019 | Jan. 31, 2019 | Jan. 03, 2019 | Aug. 15, 2018 | |
Disclosure of detailed information about business combination [line items] | ||||
Number of shares authorised to be repurchased (in shares) | 3,371,900 | |||
Percent of public float | 10.00% | |||
Normal Course Issuer Bid | ||||
Disclosure of detailed information about business combination [line items] | ||||
Number of shares authorised to be repurchased (in shares) | 3,309,289 | |||
Percent of public float | 5.00% | |||
Shares repurchased (in shares) | 89,027 |
SUBSEQUENT EVENTS - Distributio
SUBSEQUENT EVENTS - Distribution (Details) | Feb. 07, 2019$ / shares |
Distribution | |
Disclosure of non-adjusting events after reporting period [line items] | |
Distributions declared (in dollars per share) | $ 0.0625 |
SUBSEQUENT EVENTS - Agreement t
SUBSEQUENT EVENTS - Agreement to Acquire Healthscope (Details) $ in Millions | Jan. 31, 2019USD ($)property | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Disclosure of non-adjusting events after reporting period [line items] | ||||
Non-recourse subsidiary borrowings | $ 10,866 | $ 3,265 | ||
Healthscope | Brookfield Business Partners L.P. and Institutional Investors | Major business combination | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Consideration transferred, acquisition-date fair value | $ 4,100 | |||
Cash | $ 1,000 | |||
Percentage of voting equity interests acquired | 100.00% | |||
Non-recourse subsidiary borrowings | $ 1,400 | |||
Gains (losses) arising from sale and leaseback transactions | $ 1,700 | |||
Number of properties in sale leaseback transaction | property | 22 | |||
Forecast | Healthscope | Major business combination | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Equity interests of acquirer | $ 250 |
SUBSEQUENT EVENTS - Agreement_2
SUBSEQUENT EVENTS - Agreement to Acquire Johnson Controls' Power Solutions (Details) - Major business combination - Johnson Controls Power Solutions $ in Millions | Jun. 30, 2019USD ($) |
Brookfield Business Partners L.P. and Institutional Investors | |
Disclosure of detailed information about business combination [line items] | |
Percentage of voting equity interests acquired | 100.00% |
Consideration transferred, acquisition-date fair value | $ 13,200 |
Forecast | |
Disclosure of detailed information about business combination [line items] | |
Equity interests of acquirer | $ 750 |
SUBSEQUENT EVENTS - Agreement_3
SUBSEQUENT EVENTS - Agreement to Sell BGIS (Details) - USD ($) $ in Millions | Mar. 11, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of non-adjusting events after reporting period [line items] | ||||
Proceeds from sale of subsidiary | $ 0 | $ 0 | $ 15 | |
Disposal of major subsidiary | Disposal groups classified as held for sale | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Proceeds from sale of subsidiary | $ 180 | |||
Disposal of major subsidiary | Brookfield Business Partners L.P. and Institutional Investors | Disposal groups classified as held for sale | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Proceeds from sale of subsidiary | $ 1,000 |
Uncategorized Items - bbu-20181
Label | Element | Value | |
Redeemable Noncontrolling Interest Attributable To Owners Of Parent [Member] | |||
Equity | ifrs-full_Equity | $ 1,310,000,000 | |
Redeemable Noncontrolling Interest Attributable To Owners Of Parent [Member] | Increase (decrease) due to changes in accounting policy [member] | |||
Equity | ifrs-full_Equity | (128,000,000) | [1] |
Limited Partners 1 [Member] | |||
Equity | ifrs-full_Equity | 1,452,000,000 | |
Limited Partners 1 [Member] | Increase (decrease) due to changes in accounting policy [member] | |||
Equity | ifrs-full_Equity | (133,000,000) | [1] |
Equity attributable to owners of parent [member] | |||
Equity | ifrs-full_Equity | 0 | |
Retained earnings [member] | Redeemable Noncontrolling Interest Attributable To Owners Of Parent [Member] | |||
Equity | ifrs-full_Equity | (199,000,000) | |
Retained earnings [member] | Redeemable Noncontrolling Interest Attributable To Owners Of Parent [Member] | Increase (decrease) due to changes in accounting policy [member] | |||
Equity | ifrs-full_Equity | (128,000,000) | [1] |
Retained earnings [member] | Noncontrolling Interest Attributable To Special Limited Partners [Member] | |||
Equity | ifrs-full_Equity | 0 | |
Retained earnings [member] | Limited Partners 1 [Member] | |||
Equity | ifrs-full_Equity | (202,000,000) | |
Retained earnings [member] | Limited Partners 1 [Member] | Increase (decrease) due to changes in accounting policy [member] | |||
Equity | ifrs-full_Equity | (133,000,000) | [1] |
Other equity interest [member] | |||
Equity | ifrs-full_Equity | 3,012,000,000 | |
Other equity interest [member] | Increase (decrease) due to changes in accounting policy [member] | |||
Equity | ifrs-full_Equity | (14,000,000) | [1] |
Changes In Ownership Interests Of Consolidated Subsidiaries [Member] | Redeemable Noncontrolling Interest Attributable To Owners Of Parent [Member] | |||
Equity | ifrs-full_Equity | 0 | [2] |
Changes In Ownership Interests Of Consolidated Subsidiaries [Member] | Limited Partners 1 [Member] | |||
Equity | ifrs-full_Equity | 0 | [2] |
Issued capital [member] | Redeemable Noncontrolling Interest Attributable To Owners Of Parent [Member] | |||
Equity | ifrs-full_Equity | 1,674,000,000 | |
Issued capital [member] | Limited Partners 1 [Member] | |||
Equity | ifrs-full_Equity | 1,766,000,000 | |
Issued capital [member] | Equity attributable to owners of parent [member] | |||
Equity | ifrs-full_Equity | 0 | |
Accumulated other comprehensive income [member] | Redeemable Noncontrolling Interest Attributable To Owners Of Parent [Member] | |||
Equity | ifrs-full_Equity | (165,000,000) | [3] |
Accumulated other comprehensive income [member] | Limited Partners 1 [Member] | |||
Equity | ifrs-full_Equity | (112,000,000) | [3] |
Accumulated other comprehensive income [member] | Equity attributable to owners of parent [member] | |||
Equity | ifrs-full_Equity | 0 | [3] |
Noncontrolling Interest Attributable To Preference Shares [Member] | |||
Equity | ifrs-full_Equity | $ 15,000,000 | |
[1] | See Note 2 (ae) for additional information on adoption of new accounting standards. This balance also includes a change in accounting policy recorded at an operating subsidiary of $10 million, which did not have a significant impact on the partnership's operating results. | ||
[2] | See Note 19 for additional information on distributions as it relates to the Special Limited Partners and for additional information on the unit issuance. | ||
[3] | See Note 20 for additional information. |